• Wednesday, July 24, 2024
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BusinessDay

CFAO NIPEN records 16% turnover in growth

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CFAO NIPEN, manufacturer of bic ball-point pens, bic shavers, premium touch pens and other plastic products, recorded 16 percent turnover growth to N4.453 billion in 2013.

The company’s operational profit also grew from N1.3 billion to N1.5 billion, representing an increase of 17.6 percent during the period under review.

These performance indicators were revealed by the chairman, CFAO NIPEN and managing director, CFAO Group, Steve Faderin during the company’s 39th annual general meeting (AGM)  held at Ikeja, Lagos, recently.

He said “although the profitability was not as strong as the previous year’s, efforts are underway to reverse the trend by across-the-board cost reductions as well as pricing adjustments of the company’s product rang.”

According to him, 903,000 units of crates were sold in 2013 compared to 689,000 sold in 2012, while 113 million pens were sold during the period under review, slightly more than the 112 million pens sold in 2012.

Also, the 79.2 million bic shavers sold in 2013 represents a 23% increase over the 2012 sales of 64.3 million, a very good performance indeed. Faderin said the volume increases were achieved “due to sustained efforts at combating counterfeit of NIPEN’s products, supportedby sales promotions, the most popular being “ Shave and Win”where we awarded several large prizes among them a Chevrolet Aveo Car.”

Also, he expressed optimism that with the current strategic plans being developed including continued investment in strengthening production capacity and improving operational efficiency to meet increasing demand, the company will do even better in future.