Nigeria: Tripple Gee's Nine-Month Profit Soars By 205%

24 February 2021

Tripple Gee & Company Plc, a manufacturer of financial instruments, secure and commercial documents, defied the challenging operating environment to record an improved financial performance for the nine months ended December 30, 2020.

The firm reported revenue of N1.544 billion for the period, up from N1.01 billion in 2019.

This led to an operating profit of N131.7 million, compared with N32.869 million in the corresponding period of 2019. Profit before tax grew from N35.481 million to N109.020 million, indicating a jump of 207 per cent. Similarly, profit after tax jumped by 205 per cent to N76.314 million from N24.997 million.

The performance was a good development for the shareholders of the company who are likely to get dividend at the end of the financial year to March 31, 2021.

The Chairman of Tripple Gee & Company Plc, Mr. Sam Ayininoula, had last September assured shareholders of its continuation to diversify and expand its business for improved performance and return on investment.

Ayininuola, who spoke at the 30th annual general meeting (AGM) held in Lagos, had noted that Tripple Gee had put in place measures to ensure the continuity of its business operations without compromising the safety of the work force and clients.

"The company will continue to pursue its diversification and expansion of business plans even as we keep a close watch on the industry both locally and globally.

"With the advent of the COVID -19 Pandemic a new normal has been created in business environment and this has necessitated a re-think of processes by industry players that will not only survive but emerge stronger thereafter," he said.

Ayininuola said since Mrs. Adebimpe Giwa, was appointed the managing director (MD), she had been taking several giant steps which had impacted positively on the business of the company.

"Her tenacity and doggedness in marketing and management are highly commendable," he said.

Speaking, the MD said the despite the present challenging operating environment, the company had a very bright prospects given the expansion plans being embarked upon.

According to her, the company will introduce 3D printing with the objective of revolutionising the packaging business for the manufacturing world.

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