CFAO NIPEN boosted revenue income to N2b in 2016
Speaking at the Company’s 42nd Annual General Meeting (AGM), in Abuja, the Chairman of the Board of Directors, Stephen Faderin, said NIPEN generated N6.9billion, which is N2billion more than N4.9billion achieved in the same period of the previous year.
Faderin, who addressed shareholders at the meeting, described the year in review as challenging, saying the major focus of management during the period was to keep production level steady and market share intact.
NIPEN manufactures and distributes Bic ball point pens, Cristal pens, premium pens, razors, and plastic crates.
Faderin noted that the company’s performance was impacted by the nation’s economic headwinds, which he said was, “characterised by low crude oil prices,
tight monetary controls, and high foreign exchange volatility.”
The Chairman said the financial performance was modest although the Net Operating Income reduced due to high cost of administration and general expenses based on foreign exchange translations.
“With respect to the major concern of keeping facilities, staff and market share intact through this period, we were successful overall,” he said.
He commended BiC, the offshore partners for their immense support during these trying times, which he said ensured minimal attrition to the company’s business.
He also appealed to the government to create more opportunities for growing the manufacturing sector of the economy.
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