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This was attributable to improved efficiencies and cost optimisation strategies which saw selling and distribution expenses decreased by 8 percent to N5.5 billion, while general and administrative expenses only slightly increased by 4 percent from N2.4 billion in FY 2020 to N2.5 billion in FY 2021, despite double-digit inflation during the period. However, the company’s operating profit grew faster than revenue at 39 percent, from N5.4 billion in FY 2020 to N7.6 billion in FY 2021. 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, the cost of sales grew by 41 percent to N93.9 billion from N66.5 billion in the previous financial year. This was due to increased production output and more efficient operational capabilities at its factories in Apapa, Sagamu, and Ikeja. The company recorded an all-time high revenue of N109.5 billion, an increase of 36 percent over N80.4 billion posted the previous year. (HFMP) announced its audited results for the year ended March 31, 2021. Today, leading food manufacturer, Honeywell Flour Mills Plc.