Manufacturing corporation, BIC, has recorded a net sales of £1,679.1 million for the third quarter (Q3) and nine months ended September, 2024.
The Company, a global manufacturer of stationery, lighters, and shavers revealed this in its just-released financial results for the period under review.
Speaking on the Company performance, the chief executive officer of BIC, Gonzalve Bich, stated that “our third quarter results demonstrated the strong resilience of our operating model and our adaptability to navigate a challenging macroeconomic environment.”
He added that “leveraging our commercial and financial discipline, we saw sequential net sales improvement while delivering robust margins and free cash flow generation. This enabled us to raise our adjusted EBIT margin outlook for the year, and we now expect an adjusted EBIT margin approaching 15.5 per cent for 2024.”
According to Bich, performance was driven by gradual improvement in our Flame for Life division in the US and continued growth across the rest of the Group, through solid execution, notably in Blade Excellence. In Human Expression, we gained market share during the Back-to-School season in key geographies, despite the ongoing softness in consumption negatively impacting market trends.
“As we get closer to 2025, we will continue leveraging the transformational capabilities developed over the last years under our Horizon strategic plan, focusing on what we can control to deliver on our objectives of long term profitable growth and solid cash generation.”
Also, the Company appointed Anthony Amahwe as the general manager to lead its Nigerian operations. This strategic move underscores BIC’s commitment to driving sustainable growth, innovation, and leadership excellence in the region.
BIC said “Anthony Amahwe brings extensive experience in executive roles, including his tenure at FrieslandCampina WAMCO Nigeria, where he successfully identified market opportunities and led initiatives that boosted growth, profitability, and distribution efficiency.
With a diverse background spanning regional, national and international markets, Amahwe will lead BIC’s strategic efforts in Nigeria. His dynamic skill set and proven track record in strategic leadership have consistently driven business success.”
Amahwe stated that, “I am deeply honoured to join BIC, a brand that holds a special place in the hearts of consumers worldwide for its quality and innovation.
“My focus will be on harnessing the rich opportunities in the Nigerian market by leveraging BIC’s legacy of excellence, commitment to sustainability, and dedication to delivering exceptional value to our customers.
“I am excited to lead the talented team in Nigeria and to drive strategies that will enhance our market presence and positively impact local content, job creation, and the local economy. We will build on BIC’s strong foundation to unlock new avenues for growth and continue to innovate in ways that resonate with the needs and aspirations of the communities we serve.”
