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Tripple Gee Nigeria plc records 18% increase in profit

TRIPPLE Gee & Co. Plc has recorded a growth of 18 per cent in Profit After Taxation (PAT) of N27.613 million for the year 2019 as compared to N23.450 million for 2018.

The company, a manufacturer of financial instruments, security and commercial documents, labels and flexible packaging materials posted an increase in turnover from N742.56 million in 2018 to N784.795 million in 2019, representing a six per cent growth.

Earnings per share increased by 17.72 per cent to 5.58kobo in 2019 from 4. 74kobo in 2018.

Total assets however reduced marginally by 1.09 per cent from N1. 76S billion last year to N1.74S billion this year, resulting mainly from a reduction in trade receivables from N127.674 million last year to Nl13.419 million this year.

There was also a reduction in total current liabilities from N422.615 million last year to N355.615 million this year which was brought about by a reduction in long term borrowing from N293 million last year to N226 million this year.

Speaking at the 29th Annual General Meeting of the company, the Chairman, Mr Sam Ayinninuola said the improved performance caused the Board of Directors to recommend dividend payment of 5k per ordinary share of 50k to shareholders.

This is a 6.7 per cent increase in dividend compared with previous years, he said.

He stated that the growth in profit, apart from the increase in turnover, resulted from strict expense control measures put in place during the year with savings in tax provision as a result of capital allowances claimed.

Meanwhile, shareholders at the meeting approved the appointment of the wife of the late founder, Mrs. Adebimpe Giwa as the new managing director of the company.

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