Bagco records improvement in turnover

By Providence Obuh
Despite the challenges confronting it, especially unfavourable operating environment brought about by the global economic crunch, Nigerian Bags Manufacturing Company Plc (BAGCO) has announced a significant improvement in its turnover for the 2009 financial year.

According to a statement by the company, the increase in its turnover, was in spite of unfavourable macroeconomic environment which made 2008/2009 an extremely difficult and challenging financial year.

The company whose second annual general meeting is scheduled to hold on Tuesday, October 20, at the Royal Tropicana Hotels, Kano, is into the manufacturing and marketing of woven Polypropylene sacks and flexible packaging.

Despite the decline in its bottom lines in the year under review, it declared a dividend, which is subject to the approval of its shareholders.

According to the statement, its wholly owned subsidiary, BAGCO Morpack Company Limited completed its first year of operation, despite overwhelming challenges in sourcing and financing importation of raw materials.

Also, its wholly owned subsidiary, BAGCO Morpack Company Limited completed its first year of operation against overwhelming challenges in sourcing and financing importation of raw materials.