This agreement will have Honeywell Group Limited dispose of a 71.69% stake it has in HFMP to FMN.īuilding on the achievements and improved performances of HFMP and FMN year-on-year, it can be seen that this is a combination of two giants in the food manufacturing industry in Nigeria. Just recently, the Honeywell Group Limited announced the signing of an agreement with Flour Mills of Nigeria Plc (FMN) on the proposed combination of Honeywell Flour Mills Plc and Flour Mills of Nigeria, another leading Nigerian food manufacturer to further enhance food security in the country and create a more resilient national champion in the Nigerian foods industry. ![]() The company’s Operating Profit also grew faster than revenue at 39%, from N5.4 billion in FY 2019 to N7.6 billion in FY 2020. Operating on a total installed capacity of 2,610 metric tonnes per day, HFMP manufactures a variety of products from wheat meals, semolina, noodles, superfine flours to spaghetti, macaroni, brown flour, amongst others.ĭuring the company’s recent Annual General Meeting (AGM) which was held on October 14, 2021, the company recorded an all-time high revenue of N109.5 billion, an increase of 36% over N80.4 billion for the financial year ending March 2021. The company has superior operational efficiency and remains a dominant player in the food industry in Nigeria. With over 20 years of experience, HFMP has gathered extensive knowledge and skill in the production of flour and a range of flour-based products. Honeywell Flour Mills Plc (HFMP), one of the portfolio companies of Honeywell Group Limited and a market leader in milling, processing & packaging of flour and other wheat-based products in Nigeria has continued to contribute immensely to the growth and performance of the Nigerian economy. The Group has evolved to become an investment company participating in major sectors of the Nigerian economy including foods, real estate, leisure and hospitality, energy, infrastructure, and financial services. Now operating an investment holding company based in Nigeria, Honeywell Group Limited has diversified its business into different sectors which are referred to as portfolio companies. In another report compiled by PricewaterhouseCoopers (PwC), it was confirmed that the food sector brought in an average of 57% of Gross domestic product (GDP) and generated 64.5% of export earnings.įounded in 1972, Honeywell Group began as a food trading company servicing the West African region before pivoting to importing a variety of goods for the domestic Nigerian market. ![]() According to a report by the World Trade Organization (WTO), Nigeria is ranked as the largest food market in Africa, with significant investment in the local industry and a high level of imports.Īs of now, the food and beverage sector is estimated to contribute 22.5% of the manufacturing industry value, and 4.6% of Nigeria’s GDP. The contribution of key players in the Nigerian food industry has grown in value and relevance over the years.
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