Shareholders of Honeywell Nigeria Plc, yesterday, unanimously approved N872 million dividend, culminating to 11 kobo due to every shareholder of the company for the financial year ended March 31, 2010.
Addressing shareholders during the company’s first yearly general meeting in Lagos, on Tuesday, the Chairman of the company, Oba Otudeko, explained that the company achieved a turnover of N33.5 billion in its 2010 operations against N28.5 billion in 2009, while profit after tax rose from N217.1 million recorded in 2009 to N1.1 billion during the year under review.He said noted that the percentage increase in turnover is 17 per cent.
According to him, the improved performance was occasioned by high level commitment and unrelenting efforts of the board and management aimed at ensuring that shareholders reap good returns on their investment.He said the company is committed to the sustenance of strategies and policies that would maximise shareholders’ value in the short and long term basis.He told shareholders that the company introduced Honeywell whole meal and paster into the Nigerian Market last year.
He noted that the two products have been attracting positive patronage from consumers, which has impacted on the company’s turnover.Otudeko, however attributed the less impressive performance recorded by the subsidiary, Honeywell Superfine Food Limited to the high start-up cost of paster plant in Nigeria while assuring shareholders of improved result in the next financial year.
To consolidate on the performance, the Chairman said the company has concluded plans to increase its milling capacity from 1,000MT to 2,600 per day with additional milling plant an machinery to enhance productivity.The Executive Vice-Chairman of the company, Mr Folaranmi Babatunde Odunayo told shareholders that the company is putting measures in place to extend its business activities across sub Saharan region.
He added that theLanguage instructions on their products would be translated in French and other languages in Africa.