Pen manufacturer records 16% turnover growth
CFAO NIPEN, manufacturers of BiC ballpoint pens, BiC shavers, Premium Touch pens and other plastic products has announced a turnover of N4.453 billion for the 2013 financial year, representing a growth of 16 per cent.
The company’s operational profit also grew from N1.3 billion to N1.5 billion representing an increase of 17.6 per cent during the period under review.
The Chairman, CFAO NIPEN and Managing Director, CFAO Group, Steve Faderin disclosed these performance indicators during the Company’s 39th yearly general meeting in 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 range”
According to him, 903,000 units of crates were sold in 2013 representing a 23% increase over the 2012 sales of 64.3 million, a very good performance indeed.
Faderin said the increase in volume was achieved “due to sustained efforts at combating counterfeit of NIPEN’s products, supported by 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, continued investment in strengthening production capacity and improving operational efficiency to meet increasing demand, the company will do even better in future.