E-Business
Honeywell Flour Mills Plc Posts 36% Revenue Growth in Full Year 2021 Results
Honeywell Flour Mills Plc, Nigeria’s leading foods manufacturer has announced its audited results for the year ended March 31, 2021.
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”.
E-Business
US Supreme Court Upholds Law Banning TikTok
The United States Supreme Court has upheld a law seeking to ban TikTok in the United States.
The court ruled that the law does not infringe upon free speech rights, citing the US government’s legitimate national security concerns about the Chinese ownership of the app.
Last week, the Supreme Court listened to the arguments from ByteDance, TikTok’s parent company, claiming the law violated free speech.
“There is no doubt that TikTok provides a unique platform for expression, engagement, and community to over 170 million Americans,” the justices stated.
With this decision, the ban set for Sunday remains in place, despite calls from lawmakers and officials across the political spectrum for a delay.
Last year, Congress passed a law requiring ByteDance to sell TikTok or shut it down in the US by January 19, reflecting widespread concerns in Washington that the app could be exploited by China for espionage or propaganda.
On Friday, White House officials informed the media that the ban would not be enforced, leaving the final decision to President-elect Donald Trump, who assumes office the next day.
In December 2024, TikTok asked the US Supreme Court to temporarily block a law that would force its Chinese owner to sell the popular video-sharing platform or shut it down by January 19.
The appeal came the same day TikTok, Shou Zi Chew, CEO, met with US President-elect Donald Trump.
E-Business
FG Says NINs will Facilitate Cash Transfers to 18.1m People
Federal government has plans to expand the national social register to 18.1 million names and to reach at least 70 million poor households across the country by the end of this year, according to Prof Nentawe Goshwe Yilwatda, minister, Humanitarian Affairs, Disaster Management and Social Development (FMHADMSD).
Federal government has been distributing cash assistance to poor citizens through a program that requires verification using the National Identification Number (NIN).
The rate of poverty in the country is alarming, the minister said in an interview with Arise News, reason why the federal government plans to extend the humanitarian outreach program to target more homes. Each household receives the sum of N75,000 ($45).
Giving update on the payments, the minister said the first tranche of the conditional cash transfers were paid to five million households between October and December 2024, while the second and third tranches were paid to 2.8 million households.
“The president has directed, based on CBN’s new regulations, that before any payment is made to an individual or household, they must have a digital identity we can trace. That is the NIN number,” the Yilwatda told Arise News.
The cash transfer enabled by digital ID was launched in 2023, and last year, the federal government said around 25 million Nigerians had already benefitted from the scheme.
E-Business
NIMC Grants NCoS Licence to Register Inmates for NIN
National Identity Management Commission (NIMC) has granted licence for the Nigerian Correctional Service, (NCoS) to register inmates in the over 252 custodial centres across the country for National Identity Numbers, (NIN).
The approval followed the request made by Sylvester Nwakuche, acting controller general of the NCoS, who paid a visit to Engr Abisoye Coker-Odusote, director general/chief executive Officer of NIMC, in her office.
The acting controller-general, said the licence to carry out registration of inmates for NIN would eliminate exclusion of inmates from the country’s National Development plans, ensure their safety and security and facilitate their smooth recapture in times of jailbreaks.
The NCoS boss said the visit to the headquarters of NIMC was in search of collaboration that would enable the Service carry out its mandate seamlessly following on going reforms of the Correctional Service system.
According to Nwakuche, there are lots of socio-economic developments within the Correctional Service systems which had led to a number of inmates obtaining University degrees, Masters Degrees and Doctor of Philosophy (PhD) in various fields.
He said such inmates should not be excluded from the national development plans of the country as they should be integrated into the society to become useful for their families and the country.
Nwakuche said inside the Correctional centres are those awaiting trials whose innocence and otherwise has to be decided by the Courts, but argued that in times of National planning, census and other critical national development issues, they should not be disallowed from participating.
Coker-Odusote who granted the licence said NIN has become critical and essential to the country’s national development plans, stressing that NIMC has gone far with the private sector, especially the banks and the Central Bank of Nigeria (CBN) as all banks accounts are now linked with the NIN.
Coker-Odusote said the Eight points Agenda of President Bola Tinubu are also anchored on the Country’s digital identity or National identity Number, stressing that for instance NIN was tied to students loans to eradicate duplicity and prevent ghost beneficiaries.
Coker-Odusote expressed delight in the partnership with the NCoS, saying that the Commission had already entered into partnership with the Nigeria Immigration Service, NIS and other agencies in order to facilitate the smooth delivery of their constitutional mandates.
She commended Dr Olubunmi Tunji-Ojo, minister of Interior, for his dynamic leadership and role in ensuring the delivery of dividends of democracy to Nigeria through various reforms.
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