Tripple Gee Grows Net Profit By 129%, Offers 3 Kobo Dividend

Directors of Tripple Gee and Company, on Wednesday presented its audited financials for the year ended March 31, 2018, indicating that profit before and after tax recorded triple digit growth, despite the 23% rise in turnover and 168% increase in tax provision.

Turnover for the period rose by N140.833m, or 23.4% from N601.722m in the corresponding period of 2017, to N742.56m; with the biggest contribution being N281.028m from packaging, as against the N79.116m; followed by N193.827m from printing services, up from N187.849m; and N170.232m from other printing services; just as ‘other packaging,’ which scooped the lion’s share of revenue last year, pooling N203.876m, adding just N97.473m this time around.

Cost of sales jumped to N545.029m from N428.311m; resulting in gross profit of N197.531m, compared to the previous N173.411m, with raw materials consumed being the biggest expense head at N327.133m from N205.591m; salaries and wages gulped N111.374m, compared to N107.892m; while the biggest growth came from repairs and maintenance of N16.49m, up from N2.563m.

There was one-off other operating income of N200,000; just as distribution and administrative expenses grew from N123.923m to N145.922m; leaving operating profit of N51.809m, which was better than the prior N49.488m.

Finance cost for the year dropped significantly from N34.025m to N14.017m; net finance cost slipped from N33.899m to N14.005m.

Profit before tax jumped 142% up from N15.589m in 2017, to N37.804m; even as tax provision climbed from N5.35m to N14.354m; while profit after tax increased to N23.45m from N10.239m. This translated to Earnings Per Share of 4.74 kobo, as against the previous 2.07 kobo, from which the directors have recommended a dividend of three kobo per share.

The five-year financials show that while the company has continued to oscillate from N850.042m in 2014, dropping and rising every alternate financial year, profit after tax Has behaved similarly, rise from N15.494m to N40.759m; before it slumped to N27.663m in 2016; and then N10.239m the following year, before attaining N23.45m.

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