Honeywell Flour Mills Plc says its new factory being constructed in Ogun state will come on stream by the first quarter of 2018.
The new plant is projected to raise the total installation capacity of the company by 150 per cent at its completion.
The company’s managing director, Olanrewaju Jaiyeola, told newsmen at the end of the company’s 2016 Annual General meeting in Lagos, that the new factory has four pasta lines and installed capacity of 125,000 metric tonnes.
The company chairman, Dr Oba Otudeko told shareholders that the company recorded a remarkable 191 percent increase in gross profit from N4.36 billion to N12.71 billion in the financial year under review.
The company has declared a dividend of 6 kobo per ordinary share to its shareholders.