Honeywell Flour Mills’ H1-2027 pre-tax profit jumps 1,115% to N31.40 billion as revenue rises 41%

Honeywell Flour Mills Plc recorded a 1,115.17% increase in pre-tax profit to N31.40 billion for the six months ended September 30, 2026, compared with N2.58 billion in the corresponding period of 2025, supported by stronger operating margins and improved segment performance.

According to the company’s unaudited half-year 2027 financial statements filed with the Nigerian Exchange (NGX) on October 30, 2026, revenue increased by 41.29% to N233.79 billion from N165.47 billion.

The half-year pre-tax profit has already exceeded the N21.90 billion reported for the full financial year ended March 2026, while profit after tax rose to N22.61 billion from N1.62 billion.

Honeywell’s earnings improvement was supported by stronger gross profitability, lower operating expenses and a swing from net finance expense to net finance income.

Foreign exchange gains declined to N811 million from N2.22 billion, indicating that currency gains were not the main driver of the earnings improvement.

Pre-tax margin consequently increased to approximately 13.4% from 1.6%, while earnings per share rose to N2.85 from N0.20.

Honeywell’s Sagamu operation recorded a significant improvement during the half-year period, moving from operating losses to profitability.

For the full year ended March 2026, operating profit declined to N16.58 billion from N18.08 billion, although net finance income supported pre-tax earnings.

With operating profit reaching N28.15 billion in the latest half-year period, the earnings recovery is now more strongly supported by operating performance.

Honeywell’s total borrowings increased by 60.92% to N52.27 billion from N32.48 billion at the end of March 2026, reflecting greater reliance on short-term financing.

Honeywell’s shares closed at N22.55 on October 30, representing a gain of 25.28% during the month.

Investors will be monitoring whether operating cash flow can support the company’s higher capital expenditure and reduce reliance on short-term borrowings, alongside the recovery of substantial intercompany loan receivables.

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