AÂ manufacturing subsidiary of CFAO Nigeria Plc., the Nigerian Ball-Point Pen Industries Plc., (NIPEN), has announced a revenue income of N2 billion for its business operations in 2016. This was disclosed by the Chairman of the companyâ€™s Board of Directors, Mr. Stephen Faderin, at the Companyâ€™s 42nd Annual General Meeting (AGM) held in Lagos, recently. Â
According to Mr. Faderin, the company generated N6.9 billion, which is N2 billion more thanÂ N4.9Â billion achieved in the same period of the previous year. Whilst reviewing the companyâ€™s operational activities for the period ended December 31, 2016 to the teeming shareholders of the company, Mr. Faderin said the year was indeed challenging. He added that the major focus of the management during the period was to keep the companyâ€™s production level steady and market share intact. NIPEN manufactures and distributes BiC ball point pens, Cristal pens, premium pens, razors and plastic crates.
He said the performance of the company was impacted by the nationâ€™s economic head winds which he said was â€œcharacterized by low crude oil prices, tight capital controls and high foreign exchange volatility.â€
According to Mr. Faderin, 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.
He added also that â€œwith respect to the major concern of keeping facilities, staff and market share intact through this period, we were successful overall.â€
He commended BiC, the companyâ€™s offshore partners for their immense support during these trying times which he said ensured minimal attrition to the companyâ€™s business. He also appealed to the government to create more opportunities for growing the manufacturing sector of the economy.