By NKIRUKA NNOROM
Triple Gee & Company Plc, a major security printing company in Nigeria, said it has steered its business back profitability following diversifications made in the course of 2011 financial year.
Addressing shareholders at the 22nd Annual General Meeting in Lagos, the chairman, Sam Idowu Ayininuola, said that the management was able to fully establish a new product line in packaging business.
He stated that though the business was quite competitive in the previous year, however, the diversification made in the packaging line offered some relief from the hitherto Cheque/security printing business which relied so much on banks’ patronage.
He noted that the company’s net profit rose to N6.23 million, as against negative figure of N49.22 million in 2011, which represents 112.66 percent increase; he pre-tax profit at N8.91 million was 119.64 percent increase from a negative figure of N45.32 million in 2011, while the turnover for the period increased by 14.44 percent from N541.61 million in 2011 to N619.81 million.
He noted that the company’s vision of manufacturing and selling quality paper and paper products of highest international standard is being achieved through promotion of a healthy and well-motivated workforce, satisfied customers and strong financial control that will guarantee good returns on shareholders’ investments.
He further stated that Tripple Gee consolidates its core business by introduction of innovative value added products and services, adding, ‘These include securing of certificates with the certidoc, the production of recharge voucher and PIN mailer.
“Tripple Gee is a responsible citizen and it adopts best practice in all its operations. The company has implemented the code of good corporate governance and it is committed to the continuous improvement of its operations,” Ayininuola assured.
Tripple Gee is a manufacturer of security documents, financial instruments and computer stationery.
Incorporated in April 1980 and listed on the Nigerian Stock Exchange in 1991, it is the largest and preferred security printer in Nigeria and West Africa.
The company has witnessed progressive growth in its production capacity and turnover over the years.
The products in the company’s stable include MICR Cheques, MICR dividend warrants, Share certificates, Customised statements of accounts, Line-flow paper as well as other security instruments such as ballot papers, Revenue receipts, Self adhesive labels, tea tags and membranes.