From Flour to Fortune: Honeywell Flour Mills’ Remarkable Turnaround

Honeywell Flour Mills, a prominent player in Nigeria’s flour milling sector, has achieved a remarkable resurgence, reporting substantial profits and witnessing a significant rise in its stock value. What factors contributed to this notable turnaround?

Founded in 1998, Honeywell Flour Mills encountered considerable difficulties in recent years, such as dwindling profits, heightened competition, and a challenging economic landscape in Nigeria. In 2020, the company’s stock experienced a sharp decline, casting doubt on its future prospects.

The new team that turned it all around

With a new management team at the helm, Honeywell Flour Mills initiated an extensive turnaround plan. The company concentrated on optimizing costs, diversifying its product range, revitalizing its marketing strategies, and enhancing operational efficiency. These efforts included implementing cost-reduction strategies, broadening its product offerings to introduce new flour types, launching an innovative marketing campaign, and investing in advanced technology and equipment.

Recent achievements include a notable revenue increase, with sales rising by 25% compared to the same period in 2021. The company’s stock price has surged by over 50% in the past year, positioning it as one of the top-performing stocks on the Nigerian Stock Exchange.

In 2025, Honeywell Flour Mills Plc released its interim results for the first half of the year, highlighting its ongoing growth and success. The company’s total indicative share trading liquidity over the past year reached US$1.72 million (NGN2.06 billion), averaging US$143.47 thousand (NGN 171.63 million) monthly.

Furthermore, Honeywell Flour Mills has garnered numerous accolades, including the title of “Best Flour Milling Company in Nigeria” at the 2022 Nigerian Manufacturing Excellence Awards. The company has also formed partnerships with international firms, such as Bühler Group, to enhance its operational efficiency and product quality.

The flour milling sector in Nigeria is projected to maintain its growth trajectory, fueled by a rising demand for wheat-derived products. Honeywell Flour Mills, with its extensive turnaround strategy and recent successes, is strategically positioned to take advantage of new trends and opportunities.

Additionally, it is important to highlight that Flour Mills of Nigeria (FMN) purchased a 71.69% share in Honeywell Flour Mills in 2022, thereby establishing a stronger national leader in the Nigerian food industry. This acquisition has allowed Honeywell Flour Mills to utilize FMN’s resources and expertise to enhance its growth and expansion efforts.

Overall, The Nigerian flour milling industry is expected to continue growing, driven by increasing demand for wheat-based products. With its comprehensive turnaround strategy and recent achievements, Honeywell Flour Mills is well-positioned to capitalize on emerging trends and opportunities in the industry.