LAGOS, Nigeria (VOICE OF NAIJA)- Triple Gee reported a net profit of N7 million for the financial year ended March 2024, marking a significant decline of 94.30% from N122.90 million in the previous year.
This information was disclosed in the company’s audited report filed with the Nigerian Exchange Limited.
The report highlighted that finance costs surged by 173.89%, amounting to N227.46 million, significantly affecting Triple Gee’s performance.
Triple Gee specializes in manufacturing security documents, financial instruments, computer stationery, flexographic, and flexible packaging products.
During the year under review, Triple Gee generated a majority of its revenue from packaging, totaling N948.23 million, although this figure represented a decline compared to the previous year’s earnings in the same segment.
Overall turnover by the end of the fiscal year amounted to N2.20 billion, down from N3.18 billion in March 2023.
While expenditures on raw materials for packaging, printing, and card services decreased, salaries and wages saw a notable increase to N110.79 million from N84.79 million.
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Triple Gee reported total assets of N6.34 billion, up from N5.66 billion the previous year. However, its liabilities remained unchanged, indicating potential liquidity challenges in the future.
Key liabilities for the company include a long-term loan of N2.92 billion, trade and other payables totaling N1.57 billion, and short-term borrowings, which increased to N976.63 million.
Auditors Tope Kuyoro & Co. identified significant audit matters, such as the Daewoo Bond Accrued Interest and Tru-Data Project. Triple Gee holds a majority stake in these projects and has invested over N95.4 million as of March 2024.
On the Daewoo bond accrued interest, the auditors said, “The company has discontinued the accruing of interest on the 400 million Japanese Yen zero coupon bond at five per cent per annum issued in 2007. However, the aggregate liability of N661m as of 31st March 2024, which included the principal amount and accrued interest, is still being carried in the financial statements.
“Meanwhile, the legal opinion sought confirmed to us in February 2024 that Daewoo securities loan has completed the 6-year limitation period and has thereby extinguished the right of action under the Global Funds both in Nigeria and in the UK. It was further confirmed that Daewoo (the obligor to which the repayments were to be made, is no longer in legal existence.
“Therefore, the board is considering this legal opinion for appropriate action. The Daewoo Coupon Bond has been appropriately reclassified under Other Payable in the statement of financial position.”
The Tru-Data Project represents a software initiative aimed at enhancing positive identity verification through document encryption and authentication to combat counterfeiting.
As of the reporting period’s conclusion, Triple Gee’s shares were valued at N4.13, a significant increase from N0.96 in 2023.
Triple Gee holds approval from the Central Bank of Nigeria as one of four local firms authorized to print cheques in the country.