Honeywell Flour Mill Plc was able to turn income into profit even amid cost of living crisis, driven by cost optimisation as well as robust cash position underpinned dividend payments.
For the year ended March 2026, Honeywell’s net profit margin (NPM) increased to 4.57 percent from 3.91 percent as at year end March 2025.
The consumer goods giant posted profit after tax of N16.48 billion, which is 13.01 percent higher than 2025’s N14.58 billion.
Of course, profit margins were bolstered by a 28.04 percent reduction in finance costs to N3.90 billion as the central bank’s previous easing of the money policy rate (MPR) saw borrowing costs fall.
Total cost of production fell by 5.61 percent to N335.79 billion as at March 2026, as the cost control measures carried out by new management improved plant efficiency.
Flour Mills of Nigeria (FMN) officially completed its acquisition of Honeywell Flour Mills in April 2022. FMN acquired a 76.75 percent  controlling stake in the company (comprising a 71.69 percent stake from Honeywell Group and a 5.06 percent stake from First Bank) for an enterprise value of N80 billion.
Sales were down 3.38 percent to N360.84 billion in the period under review from N373.50 billion as at March 2025.
A N92.98 billion free cash flow gave the Directors of the company the leeway to recommended the payment of dividend of N1.59 billion, equivalent to N0.20 per ordinary share of 50 kobo each during the reporting period ended 31 March 2026 (2025:Nil).
Honeywell Plc: Financial Highlights for year ended March 2026
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