The Nigerian Stock Exchange (NSE) Monday published the unaudited management financial statements of GREIF Nigeria Plc for the first quarter (Q1) period ended January 31, 2017.

The Company recorded Q1 revenue increase of 97 percent to N333.065million from N169.108million in the corresponding period of 2016. Its cost of sales increased from N141.12million to N284.58million.

Gross profit also increased from N27.98million to N48.47million; while operating profit rose from N11.301million to N26.334million.

Profit before taxation (PBT) increased by 113 percent to N26.356million from N12.387million in the corresponding first-quarter of 2016.  The company’s profit for the period rose to N20.4million from N9.6million in Q1’2016.  GREIF Nigeria earnings per share rose 109 percent to 48kobo from 23kobo in Q1’2016.

GREIF Nigeria Plc is a manufacturing company primarily involved in the manufacturing and marketing of steel drums. The authorized share capital is allotted to Greif International Holdings B.V. Netherlands (51%), The Van Leer Nigerian Educational Trust (23%) and other Nigerian investors (26%).

Nigeria's leading finance and market intelligence news report. Also home to expert opinion and commentary on politics, sports, lifestyle, and more

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp