Connect with us

E-Business

Honeywell Flour Mills Plc Posts 36% Revenue Growth in Full Year 2021 Results

Published

on

Lanre Jaiyeola, Managing Director, Honeywell Flour Mills Plc
Kindly share this post

Honeywell Flour Mills Plc, Nigeria’s leading foods manufacturer has announced its audited results for the year ended March 31, 2021.

Lanre Jaiyeola, Managing Director, Honeywell Flour Mills Plc

The company recorded an all-time high revenue of N109.5 billion, an increase of 36% over N80.4 billion posted in the previous year.

This was due to increased production output and more efficient operational capabilities at its factories in Apapa, Sagamu and Ikeja.

The company in a statement said, Given the increase in production activities, challenges with forex and COVID-induced disruptions in global trade which affected the sourcing of raw and packaging materials, cost of sales grew by 41% to N93.9 billion from N66.5 billion in the previous financial year.

However, the company’s Operating Profit grew faster than revenue at 39%, from N5.4 billion in FY 2020 to N7.6 billion in FY 2021.

This was attributable to improved efficiencies and cost optimisation strategies which saw selling and distribution expenses decrease by 8% to N5.5 billion, while general and administrative expenses only slightly increased by 4% from N2.4 billion in FY 2020 to N2.5 billion in FY 2021, despite double-digit inflation during the period.

Consequently, Profit After Tax (PAT) increased by 73%, growing from N650 million in FY 2020 to N1.1 billion in the period under review.

Speaking on the Full Year 2021 financial results, Lanre Jaiyeola, Managing Director, Honeywell Flour Mills, Plc., said: “In an extremely challenging year caused by unprecedented global disruptions and uncertainties, we achieved 36% revenue growth and record-breaking success through sheer grit and doggedness of our workforce.

“We worked collaboratively towards the execution of our goals; improved production and cost optimisation, guided by a clear strategy and common purpose.

“We remain committed to ensuring the supply of affordable nutritious food products to Nigerians, and we continue to assure our shareholders of long-term profitable returns from Honeywell Flour Mills Plc.”

According to the company, “the future of its business would be shaped by a continued investment in innovative product development, advanced technology infrastructure and operational efficiency.

“This is evidenced by the efficient utilisation of its world-class factory in Sagamu, Ogun State which boasts an annual Pasta production capacity of 138,600 Metric Tonnes and contributed over N19 billion to the company’s overall revenue in the 2021 financial year, its second year of operations.

“The company will continue to improve its product offerings in order to exceed consumers’ expectations, increase market share, and deliver value to shareholders”.


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Business

OADC Lagos Reinforces Commitment to Local Data Hosting and Digital Transformation @ NDPC’s National Privacy Week Summit

Published

on

Kindly share this post

Open Access Data Centres (OADC) Lagos has reaffirmed its commitment to Nigeria’s data protection and digital transformation agenda through its sponsorship and active participation in the Nigeria Data Protection Commission’s (NDPC) National Privacy Week Summit.

The National Privacy Week Summit, organised by the NDPC, convened policymakers, regulators, technology providers, and industry stakeholders to promote data privacy awareness, strengthen compliance with the Nigeria Data Protection Act (NDPA), and advance conversations around data security, sovereignty, and responsible data governance.

As a sponsor of the event, OADC Lagos demonstrated its continued support for the Federal Government’s drive toward local data hosting and data domiciliation, which are increasingly critical to safeguarding sensitive information, enhancing regulatory compliance, and building trust in Nigeria’s digital economy.

Through its carrier-neutral, Tier III Design certified data centre in Lekki, Lagos, OADC provides secure, resilient, and compliant infrastructure that enables government institutions and private sector organisations to host and manage data locally while meeting international best practices.

Commenting on the engagement, Adesola Adesugba, Country Marketing Manager, Open Access Data Centres Nigeria, said: “We are proud to have supported the Nigeria Data Protection Commission through the National Privacy Week Summit and to stand alongside the government in advancing Nigeria’s digital transformation objectives.

“Strengthening local data hosting and domiciliation is fundamental to national data sovereignty, improved security, and sustainable digital growth, and OADC Lagos remains committed to enabling this future.”

OADC’s participation at National Privacy Week Summit underscores its role as a trusted digital infrastructure partner to government and enterprise, supporting secure cloud connectivity, regulatory compliance, and the long-term development of Nigeria’s digital ecosystem.

Open Access Data Centres is part of the WIOCC Group and operates open-access, world-class data centres across Africa, serving cloud providers, network operators, enterprises, and public sector institutions.


Kindly share this post
Continue Reading

E-Business

Kaspersky Launches OT Calculator to Align Cybersecurity Investments with Business Goals

Published

on

Kindly share this post

Kaspersky’s new online tool has been specially developed for industrial organisations to assess the potential costs associated with insufficient operational technology (OT) security.

By offering detailed financial forecasts, the calculator empowers senior management to make well-informed decisions regarding security investments.

Industrial organisations increasingly depend on interconnected systems, elevating cybersecurity to a critical factor in business resilience and profitability.

According to VDC Research, over 60% of industrial companies last year reported that cybersecurity breaches had led to significant costs. Despite this, a persistent disconnect remains between security teams and executive leadership as security professionals focus on minimising risk, while executives must balance cybersecurity concerns with broader business objectives. This misalignment often results in competing priorities and underfunded security initiatives.

To bridge this gap, Kaspersky has launched the OT Cybersecurity Savings Calculator, an innovative online tool designed specifically for industrial organisations to assess the potential costs of inadequate operational technology (OT) security¹.

The primary aim of this tool is to translate cyber risks into tangible financial metrics and support strategic discussions around priorities and budget allocation. By entering details such as their sector, sub-sector, region, company size, breach history, and existing cybersecurity measures, organisations can estimate their potential cost savings and receive customised, actionable recommendations.

The calculator benchmarks performance against industry peers and highlights the company’s position within the current threat landscape.

“We believe this calculator is a powerful resource for transforming complex cyber risk data into straightforward financial insights. It enables OT leaders, security professionals, and executive teams to develop clear, data-driven business cases and recognise the value of cybersecurity investments. With actionable guidance, it promotes a comprehensive approach to resource management and strengthens overall organisational resilience,” comments Andrey Strelkov, Head of Industrial Cybersecurity Product line at Kaspersky.


Kindly share this post
Continue Reading

E-Business

Local App Developers Rake $1m in Sales in 2025- NOTAP

Published

on

Kindly share this post

National Office for Technology Acquisition and Promotion (NOTAP) has said Nigerian software developers have reached significant milestones with locally made applications generating over one million Dollar in sales across domestic and regional markets.

Local App Developers Rake $1m in Sales in 2025- NOTAP

Dr Obiageli Amadiobi, director-general of NOTAP, said this in an interview with the News Agency of Nigeria (NAN), on Thursday in Abuja.

Amadiobi said the development signified the growing strength of Nigeria’s digital innovation ecosystem and how local innovation powers digital growth.

She said it was also a direct outcome of targeted support initiatives led by NOTAP.

She added that the initiative helped to build capacity, protect intellectual property, and connect developers to market opportunities.

According to the NOTAP boss, the journey from concept to impact started with understanding and securing intellectual property (IP) rights, a step many local innovators missed.

“Whether it’s a literary work, a laboratory invention, or a creative digital product, the process of bringing an idea to life demands immense time, skill, and dedication.

“An innovator might wake up with a solution to a pressing problem; spend months testing and refining it and achieve remarkable results; so it is their fundamental right to patent that creation and claim ownership.

“Without this protection, someone else could easily replicate their work; patent it in their name; and legally control what was built with Nigerian brainpower,” she said.

Amadiobi said that the challenge was compounded by widespread digital piracy and counterfeiting, which hit the ICT sector hardest.

“From copied software applications to replicated content on social platforms like TikTok, unauthorised duplication has become a major barrier to growth.

“We see talented young creators develop unique digital content or tools, only to watch others rebrand and profit from their work within weeks,” she said.

The DG noted that most popular online personalities with distinctive styles often don’t realise they could protect their original contributions through IP registration.

She said that to address these gaps and unlock the value of Nigerian innovation, NOTAP implemented a multi-pronged strategy,- a cornerstone initiative – which is the Local Vendor Policy.

“The Local Vendor Policy mandates that foreign technology firms entering Nigeria partner with domestic counterparts,’’ she said.

Amadiobi said that among the performing apps are solutions addressing critical local challenges such as a mobile health platform that now serves 750,000 users across six states.

“There is also the agricultural marketplace connecting smallholder farmers to buyers; and an educational tool that has been adopted by 200 schools to improve learning outcomes,” she said.

She added that the apps were developed by teams that gained skills and resources through NOTAP’s Local Vendor Policy.

According to her, the policy requires foreign technology firms operating in Nigeria to allocate a portion of their technical service fees to local partners.

“Three years ago, many of these developers were only providing support services to foreign companies.

“But today, they are building their own products that compete globally. 60 per cent of last year’s sales came from other African countries, showing our developers can lead on the continent,” she said.

The D-G explained that the one million dollar figure represented sales from over 50 locally developed apps, with individual developers earning between 5,000 dollars and 80,000 dollars from their products.

“Looking ahead, NOTAP aims to double these sales figures by 2027, with plans to expand support to developers focusing on fintech, renewable energy management, and climate adaptation tools.

“These are the sectors identified as high-growth opportunities for Nigerian innovation,’’ Amadiobi said


Kindly share this post
Continue Reading

Trending