Page 90 - Honeywell Annual Report 2021 comm 10 09 v17a.cdr

Notes to the Financial Statements

For the Year Ended 31 March, 2021 cont’d

31 March, 2020 Apapa Ikeja Sagamu Total
N'000 N'000 N'000 N'000
Revenue 64,783,514 6,374,180 9,292,703 80,450,397
Cost of sales (56,297,558) (4,186,965) (6,104,036) (66,588,559)
Gross profit 8,485,956 2,187,215 3,188,667 13,861,838
Other trading and operating income 70,366 34,382 11,461 116,209
Selling and distribution expenses (3,319,553) (1,207,110) (1,508,888) (6,035,551)
Administrative expenses (1,330,915) (498,802) (615,146) (2,444,863)
Operating profit 3,905,854 515,685 1,076,094 5,497,633

17. Cost of Sales
2021 2020
N'000 N'000
Cost of sales is analysed by nature as follows:
Raw and packaging materials consumed 82,662,001 57,236,117
Employee costs 2,681,854 2,362,844
Depreciation 4,279,627 3,507,009
Plant maintenance and power cost 3,696,667 2,956,876
Factory rent and rates 155,197 139,513
Insurance 76,157 80,653
Other manufacturing expenses 421,953 305,547
93,973,456 66,588,559

18. Other Operating Income

Sale of by-product 83,969 30,160
Bad debts recovered 31,431 -
Net gain on sale of property 10,268 -
Sundry income 15,044 86,049
140,712 116,209

19. Operating Profit Before Tax

Operating profit for the year is stated after charging (crediting) the following, amongst others:

Audit fees* 20,000 20,000
Consulting and professional services 45,279 75,377
Directors' emolument 55,349 53,186
Employee costs 4,594,596 4,103,269
Lease expense 81,613 68,365
Finance cost 6,069,303 4,227,396
Depreciation and amortization 4,663,976 3,884,048

*No Non-audit service were provided by the auditors during the year

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