Honeywell Flour Tops Market Performers, Gains 47%

Honeywell Flour Tops Market Performers, Gains 47%

Honeywell Flour Mills spiked as influx of returnee investors taking positions on the back of an improved market sentiments. The company stock saw successive price upticks for five trading sessions last week on the back of surging bargain hunting.

Honeywell saw unusual shares volume transacted following release of its third quarter earnings results in January. Data from the Nigerian Exchange showed that the food company stock gained 47.1% week on week to settle at N14 on Friday from N9.52 at the beginning of the week.

The all-week positive price movement lifted its market value to N111 billion, spread over 7.930 billion outstanding shares. The company was valued at N75.495 billion before the rally began, gained N35.527 billion in five trading sessions.

After the rally, Honeywell is now trading at a fair discounts to its 52-week in the equities market. The food stock had hit record high of N15.31 before it retreated. Honeywell Flour Mills returned to profitability after significant earnings pressures spooked by tight operating environment and rising costs profile.

Details from the company results revealed 195% year on year growth in profit, up from net loss of N9.2 billion to N8.750 billion declared as profit after tax at the end of 9-month in financial year 2024. The improved bottom line was driven by strong revenue growth following price adjustment that incorporate Nigeria’s high inflationary environment.

Revenue of the company grew by 123% year on year to settle at N277.064 billion at the end of nine months in financial year 2024 from N123.990 billion in the comparable period in 2023 #Honeywell Flour Tops Market Performers, Gains 47% Ministry Seeks $2 billion Fibre Optics Funding