Manufacturing corporation, BIC, has recorded double-digit growth in its revenue for the year ended December 2023 across its operations in West Africa.
This was revealed in its just-released financial results for the fourth quarter and full year of 2023.
BIC manufactures stationeries, lighters, and shavers.
The company ended the 2023 fiscal year with strong adjusted earnings before interest and taxes growth of 6.9 per cent with the EBIT margin at 14.7 per cent.
This growth was driven by gross profit margin improvement owing to favourable pricing and operational efficiencies.
BIC’s strong growth is also linked to its performance in different product categories in different regions. Under its Human Expression (stationery) category, for instance, the double-digit net sales it recorded were driven by strong Back to School sales in key regions including the Middle East and West Africa.
The company also recorded double-digit growth in net sales across its lighter and shavers divisions.
With its positive performance, a dividend of €120m has been proposed for FY23, expected to be paid later in the year.
Commenting on the company’s growth, BIC’s Chief Operating Officer, Gonzalve Bich, said, “In 2023, we maintained our solid execution of the Horizon Strategy for the third consecutive year, and this continues to support our growth trajectory and margins. As a result, while we have faced significant global macroeconomic challenges, we delivered a robust performance that was fuelled by disciplined execution, innovation, and successful new launches. We also boosted our marketing capabilities with consumer-centric campaigns that drove growth across multiple sales channels and regions.”
Business Development Manager at BIC Nigeria, Adeyemi Ojo, also expressed excitement about the company’s performance, stating, “We are thrilled to see BIC’s continued growth and success in West Africa. Our relentless commitment to meeting the needs of consumers, coupled with innovative product offerings and sustainable business practices, has propelled our performance in the region.”
