According to the results presented to the
Speaking on the result, the Managing Director of the company, Mr.
"Despite the challenge of input cost pressures caused by increases in wheat prices, HFMP was still able to achieve a 32 per cent increase in gross profit from the N8 billion recorded last year to N10.4 billion in the period under review, due to deft management of raw material sourcing and efficient control of production cost," he said.
He explained that the sheer challenge of operating in the Nigerian business environment was evident in the rising profile of HFMP's operating expenses as it incurred costs to deepen its trade, marketing and sales activities to further develop hitherto under-served sectors of the Nigerian market.
"Growing the top line is our number one priority, even as large industry capacity remains a constant threat. We are committed to the development of higher margin products and from our results, you can see that investments in brand equity are beginning to yield fruits as sales of our value added products like semolina, wheat meal and noodles contributed more to our portfolio mix than in the past. This is a trend that we plan to sustain and even grow as we embark on a new phase in our corporate existence," Jaiyeola added.
HFMP is currently at advanced stages in the development of a new Pasta plant and an
Most Popular Stories
- Alabama House Speaker Arrested on Felony Ethics Charges
- 'Fury' Blows 'Gone Girl' Out of the Box Office
- German Intelligence Blames Ukraine Rebels for MH17
- Turkey to Help Kurds Reach Fight in Kobani
- ISIS Seeks to Expand Terror War
- Clinton Rallies Early Vote for Landrieu
- Car Drivers Warned to Get Air Bags Fixed
- 'Fury' Gets Into Soldiers' Minds: Brad Pitt
- Prius Drivers Battle Stereotypes
- Perez Leads Push for Obama's Job Proposals