• Monday, April 15, 2024
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BusinessDay

BIC reports double-digit growth in West Africa, reinforces commitment to innovation

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BIC, a global leader in stationery, lighters, and shavers, has unveiled its financial results for the fourth quarter and full year of 2023.

The company said that it reported double-digit growth in net sales across all divisions, namely Human Expression (Stationery), Flame for Life (Lighter), and Blade Excellence (Shavers), underscoring its robust market performance in the West African region.

Gonzalve Bich, BIC’s Chief Operating Officer, commented on the achievement, stating, “In 2023, we maintained our solid execution of the Horizon Strategy for the third consecutive year, and this continues to support our growth trajectory and margins. As a result, while we have faced significant global macroeconomic challenges, we delivered a robust performance that was fueled by disciplined execution, innovation, and successful new launches.”

The company reported that its FY23 earnings report revealed a consistent growth trend, with BIC closing the fiscal year with a strong adjusted EBIT growth of +6.9 percent, alongside an EBIT margin at 14.7 percent (+70bps).

Operational efficiency improvements played a pivotal role in driving the company’s competitive edge and bolstering its position in the West African market.

Adeyemi Ojo, Business Development Manager at BIC Nigeria, expressed strong belief about the company’s performance in West Africa, stating, “We are thrilled to see BIC’s continued growth and success in West Africa. Our relentless commitment to meeting the needs of consumers, coupled with innovative product offerings and sustainable business practices, has propelled our performance in the region.”

BIC’s success in West Africa was further highlighted by notable market share gains in the Blade Excellence division, showcasing the company’s dedication to innovation and meeting evolving consumer preferences.

The company added that it’s sustainability initiatives, including increasing the supply of electricity from renewable sources, resonate with the region’s growing focus on environmental responsibility, portraying it as a trusted and environmentally conscious brand.