Mill plc- quarter 3 - financial statement for 2026

‌Unaudited

Interim Financial Statements

for the

1

Director certification report

1

2

Financial summary

2

3

Statement of financial position

3

4

Income statement

4

5

Statement of comprehensive income

5

6

Statement of changes in equity

6

7

Statement of cash flows

7

8

Notes to the interim financial statements

8 - 16

CERTIFICATION PURSUANT TO SECTION 60(2) OF THE INVESTMENTS AND SECURITIES ACT, NO. 29, 2007 -QUARTERLY REPORT

We, who are the responsible officers of Honeywell Flour Mills Plc., in compliance with Section 60 (2) of the Investments and Securities Act of 2007, wish to certify as follows;

a

That we have reviewed the Unaudited Financial Statements for the 3rd Quarter ended 31st December, 2025 under

review.

b

That based on our knowledge, the report does not contain:

i) Any untrue statement of a material fact, or

ii) Omit to state a material fact, which will make the statement misleading in the light of the circumstances under which such statement was made;

c

That based on our knowledge, the financial statements and other financial information included in the report fairly presents in all material respects the financial condition and results of operations of the company as of, and for the

periods presented in the report.

d

We:

i) Are responsible for the establishing and maintaining internal controls.

ii) Have designed such internal controls to ensure that material information relating to the company is made known to such officers and others within those entities particularly during the period in which the periodic reports are being prepared;

iii) Have evaluated the effectiveness of the company's internal controls as of date and within 90 days prior to the report;

iv) Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date;

e

Although these reports have not been audited, we have taken care to review:

i) All significant deficiency in the design or operation of internal control which would adversely affect the company's ability to record, process, summarized and report financial data

ii) Any fraud, whether or not material, that involves management or other employees who have significant role in the company's internal controls;

f

We have identified in the report whether or not there were significant changes in internal controls or other factors

that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regards to significant deficiencies and material weaknesses.

…………………………… …………………………………

Nassib Raffoul Chadzimura Mathew

Managing Director Finance Director

FRC/2024/PRO/DIR/003/551851 FRC/2017/ICAN/00000017014

Group

Company

9 months ended 9 months ended

31-Dec-25

31-Dec-24

31-Dec-25

31-Dec-24

%

%

N'm

N'm

N'm

N'm

Change

Change

242,010

277,064

241,779

277,064

-13%

-13%

Revenue

Profit/(Loss) Before Tax

11,904

12,283

Taxation

(1,511)

(3,533)

(1,511)

(3,533)

57%

57%

Profit/(Loss) for the Period

6,204

8,750

10,393

8,750

7,715

12,283

-37%

-3%

-29%

19%

Osomomen L.Olukoya

FRC/2022/PRO/NBA/004/451605

Company Secretary

Income Statement

for the period ended December 31, 2025

Notes

Group

9 months ended 3 months ended

31-Dec-25

31-Dec-24

31-Dec-25

31-Dec-24

N'm

N'm

N'm

N'm

Revenue

Cost of sales

242,010

(220,589)

277,064

(248,579)

76,542

(66,948)

97,470

(88,921)

Gross profit

Selling and administration expenses

Net operating gains and (losses) 16

21,421

(14,055)

1,437

28,485

(8,921)

2,451

9,594

(5,014)

528

8,549

(3,458)

3,732

Operating profit

8,803

22,015

5,108

8,823

Finance cost Finance income

Foreign Exchange Gain/(Loss)

(4,733)

4,516

(871)

(3,955)

2,787

(8,564)

60

3,051

(3,088)

(1,804)

2,150

(310)

Net finance income/(expense)

(1,088)

(9,732)

23

36

Profit/(Loss) before taxation

7,715

12,283

5,131

8,859

Taxation 13

(1,511)

(3,533)

(546)

(2,632)

Profit/(Loss) for the period

6,204

8,750

4,585

6,227

Company

9 months ended

3 months ended

31-Dec-25

31-Dec-24

31-Dec-25

31-Dec-24

N'm

N'm

N'm

N'm

241,779

277,064

76,311

97,470

(216,466)

(248,579)

(62,825)

(88,921)

25,313

28,485

13,486

8,549

(13,506)

(8,921)

(4,541)

(3,458)

1,141

2,451

232

3,732

12,948

22,015

9,177

8,823

(4,689)

(3,955)

104

(1,804)

4,516

2,787

3,051

2,150

(871)

(8,564)

(3,088)

(310)

(1,044)

(9,732)

67

36

11,904

12,283

9,244

8,859

(1,511)

(3,533)

(546)

(2,632)

10,393

8,750

8,698

6,227

Basic Earnings per share (kobo)

78.23

110.34

57.82

78.52

131.06

110.34

109.68

78.52

Group

Company

as at

as at

as at

as at

31-Dec-25

31-Mar-25

31-Dec-25

31-Mar-25

Assets Notes

N'm

N'm

N'm

N'm

Non-current assets

Property, plant and equipment 5

72,966

70,804

26,979

70,804

Right-of -use assets 5b

673

693

673

693

Intangible assets 4

22

38

22

38

Long term loans receivables

-

3,151

-

3,151

Investment in subsidiary

-

-

150

300

73,661

74,686

27,824

74,986

Current assets

Inventories 6

43,922

48,125

32,302

48,125

Trade and other receivables 7

4,672

27,560

56,022

27,748

Prepayments 8

8,290

11,809

8,290

11,809

Cash and cash equivalents 9

21,712

5,265

21,388

5,265

78,596

92,759

118,002

92,947

Total assets

152,257

167,445

145,826

167,933

Equity and Liabilities

Equity

Share capital 15

10,427

10,427

10,427

10,427

Reserves

19,388

19,388

19,388

19,388

Retained earnings

13,834

7,630

18,216

7,823

43,649

37,445

48,031

37,638

Liabilities

Non-current liabilities

Borrowings 10

15,882

20,284

15,882

20,284

Deferred tax 13

7,480

7,595

7,480

7,595

Lease liabilities 5b

836

769

836

769

Long service award

198

149

198

149

Deferred income 11b

883

1,319

883

1,319

25,279

30,116

25,279

30,116

Current liabilities

Trade and other payables 12

74,385

87,798

63,572

88,093

Borrowings 10

7,482

6,681

7,482

6,681

Current tax payable 13

624

4,415

624

4,415

Lease liabilities 7b

121

102

121

102

Deferred income 11b

717

888

717

888

83,329

99,884

72,516

100,179

Total liabilities

108,608

130,000

97,795

130,295

Total Equity and Liabilities

152,257

167,445

145,826

167,933

Statement of Comprehensive Income

for the period ended December 31, 2025

Group

9 months ended

3 months ended

31-Dec-25

31-Dec-24

31-Dec-25

31-Dec-24

Profit /(Loss)for the period recognised in the income statement

Revaluation reserves

N'm

N'm

N'm

N'm

6204

8750

4,585

6,227

-

-

-

-

Total comprehensive income

6204

8750

4,585

6,227

Attributable to the owners of the company

6,204

8,750

4,585

6,227

Total comprehensive income for the period

6,204

8,750

4,585

6,227

Company

9 months ended

3 months ended

31-Dec-25

31-Dec-24

31-Dec-25

31-Dec-24

N'm

N'm

N'm

N'm

10393

8750

8,698

6,227

-

-

-

-

10393

8750

8,698

6,227

10,393

8,750

8,698

6,227

10,393

8,750

8,698

6,227

Statement of Changes in Equity

as at December 31, 2025

Group

as at December 31, 2025

Issued

Share

Total

Revaluation

Total

Retained

Total

share

premium

share

reserve

reserve

income

equity

capital

account

capital

N'm

N'm

N'm

N'm

N'm

N'm

N'm

1-Apr-25

3,965

6,462

10,427

19,388

19,388

7,630

37,445

Total comprehensive income for the period

-

-

-

-

-

6,204

6,204

31-Dec-25

3,965

6,462

10,427

19,388

19,388

13,834

43,649

as at December 31, 2024

N'm

N'm

N'm

N'm

N'm

N'm

N'm

1-Apr-24

3,965

6,462

10,427

19,388

19,388

(6,958)

22,857

Total comprehensive income for the period

-

-

-

-

-

8,750

8,750

31-Dec-24

3,965

6,462

10,427

19,388

19,388

1,792

31,607

Company

as at December 31, 2025

N'm

N'm

N'm

N'm

N'm

N'm

N'm

1-Apr-25

3,965

6,462

10,427

19,388

19,388

7,823

37,638

Total comprehensive income for the period

-

-

-

-

-

10,393

10,393

Dividends on ordinary share capital

-

-

-

-

-

-

-

31-Dec-25

3,965

6,462

10,427

19,388

19,388

18,216

48,031

as at December 31, 2024

N'm

N'm

N'm

N'm

N'm

N'm

N'm

1-Apr-24

3,965

6,462

10,427

19,388

19,388

(6,958)

22,857

Total comprehensive income for the period

-

-

-

-

-

8,750

8,750

Dividends on ordinary share capital

-

-

-

-

-

-

-

31-Dec-24

3,965

6,462

10,427

19,388

19,388

1,792

31,607

31-Dec-25

31-Dec-24

31-Dec-25

N'm

N'm

N'm

N'm

Net profit/(Loss)

6,204

8,750

10,393

8,750

Taxation

1,511

3,533

1,511

3,533

Net finance costs

217

1,168

173

1,168

Finance cost

4,733

3,955

4,689

3,955

Finance income

(4,516)

(2,787)

(4,516)

(2,787)

-

Operating profit

7,932

13,451

12,077

13,451

Depreciation, amortisation and impairment

4,720

4,957

3,344

4,957

Changes in working capital:

19,673

(12,114)

(30,825)

(12,114)

Inventories

4,203

6,031

15,823

6,031

Trade and other current receivables

29,558

(28,244)

(21,454)

(28,244)

Trade payables and other liabilities

(14,088)

10,099

(25,194)

10,099

Cash flow from operating activities

32,325

5,790

(15,404)

5,790

Income tax paid

(5,216)

(479)

(5,216)

(479)

Net cash flow from operating activities

27,109

5,311

(20,620)

5,311

Interest received

4,516

2,787

4,516

2,787

Purchase of property, plant and equipment

(6,844)

(1,676)

(4,106)

(1,676)

Transfer/Disposal of property, plant and equipment

-

3,364

44,623

3,364

Net cash flow (used in)/from investing activities

(2,328)

4,475

45,033

4,475

Dividends paid on ordinary share capital

-

-

-

-

Interest paid

(4,733)

(3,955)

(4,689)

(3,955)

Net change in borrowings

(3,601)

(2,445)

(3,601)

(2,445)

Net cash flow (used in)/from financing activities

(8,334)

(6,400)

(8,290)

(6,400)

Net increase/(decrease) in cash and cash equivalents

16,447

3,386

16,123

3,386

Cash and cash equivalents at the beginning of the perio

5,265

5,070

5,265

5,070

Cash and cash equivalents at the end of the period

21,712

8,456

21,388

8,456

Notes to the interim financial statements

for the period ended December 31, 2025

1

REPORTING ENTITY

Honeywell Flour Mills Plc was initially registered as Gateway Honeywell Flour Mills Limited on 21 June, 1983. A change in the Company's ownership structure led to a change of the name to Honeywell Flour Mills Limited in June, 1995. The Company was converted to a Public Liability Company in 2008. Its shares were listed on the Nigeria Stock Exchange (NSE) in 2009.

2

BASIS OF PREPARATION

(a)

Statement of compliance

These interim financial statements have been prepared in accordance with IFRS as issued by the IASB applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting. The interim financial statements should be read in conjunction with the annual financial statements for the year ended 31st March 2025, which have been prepared in accordance with IFRS as issued by the IASB, and in the manner required by the Companies and Allied Matters Act 2020 and Financial Reporting Council of Nigeria (Amendment Act), 2023. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the last consolidated financial statements as at and for the year ended 31 March 2025.

(b)

Basis of measurement

The financial statements have been prepared on the historical cost convention, unless otherwise stated in the accounting

policies which follow and incorporate the principal accounting policies set out below.

(c)

Functional and presentation currency

The financial statements are are presented in Naira, which is the Group and Coompany's functional currency. All financial information presented in Naira has been rounded to the nearest million.

(d)

Use of estimates and judgements

The preparation of the interim financial report requires Management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing this condensed consolidated and separate interim financial report, significant judgements made by

Management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 March 2025.

SIGNIFICANT ACCOUNTING POLICIES

The accounting policies applied by the Group in this condensed consolidated and separate interim financial report are the same as those applied by the Group in its consolidated statements as at and for the year ended 31 March 2025.

Group

Company

Dec-25

Mar-25

Dec-25

31-Mar-25

N'm

N'm

N'm

Software

Software

Software

Software

296

376

296

376

-

-

-

(80)

-

(80)

296

296

296

296

258

16

-

284

54

(80)

258

16

-

284

54

(80)

-

274

258

274

258

22

38

22

38

Group Company

31-Dec-25

31-Mar-25

31-Dec-25

31-Mar-25

N'm

N'm

N'm

N'm

Raw and packaging materials Work-in-progress

Finished goods

Consumables and maintenance spares Goods in transit

Inventory write down

24,549

3,229

3,469

8,607

6,041

(1,973)

19,550

1,654

2,860

6,393

19,275

(1,607)

23,085

2,799

2,205

5,473

713

(1,973)

19,550

1,654

2,860

6,393

19,275

(1,607)

43,922

48,125

32,302

48,125

7. Trade and other current receivables

Trade receivables

4,664

3,912

4,664

3,912

Receivables due from related party companies

-

23,594

51,350

23,782

loan receivable from related party

-

-

-

-

Other receivables

8

54

8

54

4,672

27,560

56,022

27,748

8. Prepayments

Prepaid Import Duty and Others

5,793

5,391

5,793

5,391

Advance Payment to Vendors

2,397

2,257

2,397

2,257

Deposit for FX relating to forward and futures contrac

100

4,161

100

4,161

8,290

11,809

8,290

11,809

9. Cash and cash equivalent

Cash and cash equivalents

Cash in hand

2

-

2

-

Bank balances

21,710

4,899

21,386

4,899

Short Term Deposit

-

366

-

366

Cash and Deposits

21,712

5,265

21,388

5,265

Cash and cash equivalents per balance sheet

21,712

5,265

21,388

5,265

Less:bank overdrafts

-

-

Cash and cash equivalents per cash flow statement

21,712

5,265

21,388

5,265

as at December 31, 2025

Group and Company

Current

Non-Current

Total

N'm

N'm

N'm

Bank loans and overdrafts

6,805

15,882

22,687

Import finance facilities

677

-

677

7,482

15,882

23,364

as at March 31, 2025

Group and Company

Current

Non-Current

Total

N'm

N'm

N'm

Bank loans and overdrafts

6,681

20,284

26,965

Import finance facilities

-

-

-

6,681

20,284

26,965

11. Deferred income

Group and Company

as at

as at

31-Dec-25

31-Mar-25

N'm

N'm

Government grants -long term

883

1,319

Government grants -short term

717

888

1,600

2,207

Group

Company

31-Dec-25

N'm

31-Mar-25

N'm

31-Dec-25

N'm

31-Mar-25

N'm

Due within one year

Trade payables

36,959

23,791

30,913

23,791

Unclaimed dividend

80

213

80

213

Accruals and other payables

4,915

8,272

4,282

8,272

Deposit by customers

17,301

8,792

17,301

8,792

Pension and sundry taxes

456

328

452

328

Due to related parties

14,674

46,402

10,544

46,697

74,385

87,798

63,572

88,093

Group

Tincan

Sagamu

*Total

for the period ended December 31, 2025

N'm

N'm

N'm

Revenue

241,779

6,930

242,010

Cost of sales

(216,466)

(9,959)

(220,589)

Gross profit

25,313

(3,029)

21,421

Selling and administration expenses

(13,506)

(552)

(14,058)

Net operating gains and (losses)

1,141

299

1,440

Segment operating (loss)/profit

12,948

(3,282)

8,803

Company

Tincan

Total

for the period ended December 31, 2025

N'm

N'm

Revenue

241,779

241,779

Cost of sales

(216,466)

(216,466)

Gross profit

25,313

25,313

Net Operating Gains/Losses

1,141

1,141

Selling and admin expenses

(13,506)

(13,506)

Segment operating (loss)/profit

12,948

12,948

Group

Tincan

Sagamu

Total

for the period ended December 31, 2024

N'm

N'm

N'm

Revenue

198,216

78,848

277,064

Cost of sales

(175,208)

(73,371)

(248,579)

Gross profit

23,008

5,477

28,485

Net Operating Gains/Losses

2,449

2

2,451

Selling and admin expenses

(6,382)

(2,539)

(8,921)

Segment operating (loss)/profit

19,075

2,940

22,015

Company

Tincan

Total

for the period ended December 31, 2024

N'm

N'm

Revenue

198,216

198,216

Cost of sales

(175,208)

(175,208)

Gross profit

23,008

23,008

Net Operating Gains/Losses

2,449

2,449

Selling and admin expenses

(6,382)

(6,382)

Segment operating (loss)/profit

19,10575

19,075

31-Dec-25

31-Dec-24

Description

Unit

Percentage

Unit

Percentage

Issued Share Capital

7,930,197,658

100.00%

7,930,197,658

100.00%

Substantial Shareholdings (5% and above)

Siloam Global Services Limited Ecowise Horizon Investment Limited Greywise Investment Solution Limited

618,000,000

6,165,683,550

-

7.79%

77.75%

-

618,000,000

3,841,846,799

2,323,836,751

7.79%

48.45%

29.30%

Total Substantial Shareholdings

6,783,683,550

85.54%

6,783,683,550

85.54%

Directors' Shareholdings (direct and indirect), excluding directors with substantial interests

Mr.Olanrewaju Bamidele Jaiyeola (Direct)

370,000

0.00%

370,000

0.00%

Mr. Omoboyede Oyebolanle Olusanya

-

0.00%

-

0.00%

Mr. Nassib Raffoul

-

0.00%

-

0.00%

Mr. Anders Lars Kristiansson

-

0.00%

-

0.00%

Mr. Sadiq Abubakar Usman

-

0.00%

-

0.00%

Mrs. Uchenna Stephanie Ajo

-

0.00%

-

0.00%

Mrs. Kate Osamede Iketubosin

-

0.00%

-

0.00%

Mr. Joseph Odion Umolu

-

0.00%

-

0.00%

Total Directors' Shareholdings

370,000

0.00%

370,000

0.00%

Other Influential Shareholdings

Basa Local Government

0

0.00%

0

0.00%

Chief Emeka (Promoter)

0

0.00%

0

0.00%

Total Other Influential Shareholdings

-

0.00%

-

0.00%

Free Float in Units and Percentage

1,146,144,108

14.46%

1,146,144,108

14.46%

Free Float in Value

₦ 25,100,555,965.20

₦

5,386,877,307.60