Honeywell rewards shareholders, strengthens board

HONEYWELL Flour Mills Plc, has rewarded its shareholders with a dividend payout of N396, 509,883, representing five kobo per share. Shareholders were full of praises for the company, who despite the tough operating environment, made profit.

Speaking during the yearly general meeting held on the 29th September, 2015, the Chairman of the company, Dr. Oba Otudeko, said ‘’Our company’s board and management was able to manage the very harsh operating environment in a manner that resulted in financial result that is better than the industry average”.

He further stated that ”Our company continues to demonstrate strong fundamentals and the agility to withstand the increasing competitive operating conditions. The expected focus on economic and infrastructural development by the new government would lead to moderation in inflation, improved domestic productive capacity, increase in autonomous income and improved demand. This is expected to translate to improved performance for the company in 2016 and beyond’’.

Also speaking during the meeting, the Managing Director, Olanrewaju Jaiyeola said, ‘’ We are optimistic of the prospect for growth and better performance in the new financial year. Our company is committed to the continuous achievement of business successes by maintaining its quality leadership in the flour milling industry’’.

He said that the company was driven by quality management system designed to ensure that customers are always provided with quality products and services which meet international standards and consumers’expectations.

In line with efforts to ensure improved performance in the new accounting year and beyond, the company recently appointed 5 new directors to the Board. These directors bring along extensive experience in management, finance, marketing and sales, strategy, and to drive growth and improved results.

Shareholders were full of praises to the company for the new board appointments which showed that the Board is a listening Board. A shareholder who spoke during the AGM, Boniface Okezie, thanked the Chairman and Board for appointing a woman to the board, Mrs Wonuola Adetayo, who brings to the Board rich experience in fast moving consumer goods. Mr Okezie wished all the new directors well.

Another shareholder, Longinus Ihenacho also commended the company for being able to declare profit and pay dividend to shareholders despite the very tough operating environment.

According to him, the business and economic challenges are real and known by all. It affects everyone in the same way. He lamented the deplorable situation of roads leading into and out of Apapa and the heavy traffic congestion caused as a result. He said the absence of a functional trailer park was also contributing greatly to the unending traffic log-jam in the Apapa area of Lagos state. He said this has virtually paralysed business operations in the area and, therefore, urged the new government to take this as a matter of priority requiring the most urgent attention.