Posted by This Day Online on
First Aluminium PLC, a foremost aluminium company, has announced 32% growth in revenue in 2004 against the 18% recorded in 2003. It also declared a 5k dividend per share.
First Aluminium PLC, a foremost aluminium company, has announced 32% growth in revenue in 2004 against the 18% recorded in 2003. It also declared a 5k dividend per share.
According to the 2004 annual report and account of the company, the revenue grew from N1.6b to N6.4b, while the trading profit also increased by 7%.
The company achieved N5, 268,688,000 turnover in 2004 against N4,059,859,000 in 2003, while the trading profit of N378, 339,000 moved to N419, 126,000 in 2004.
M.S. Varma, Managing Director First Aluminium described the situation as a positive sign of a better future for the company in view of the challenges in the industry.
He stated that the company's subsidiary sales increased by 36% from N1,498 million in 2003 to N2,050 million in 2004, while the sales of Mill products rose from N774m in 2003 to N1,038m in 2004, an increase of 34%, and the project sales improved by 43% from N704m in 2003 to N1,006m in 2004.
He went further to state that First Aluminium will continue to pursue a policy of ensuring a ready supply of premium coated products to a growing market that recognizes the brand equity in our fine product.
Already, the development plan of the company has started yielding results. The packaging division recently secured an accreditation of NIS ISO 9001:2000, an indication of quality management. The division also installed a new seamless all plastic tube production line.
Speaking on the focus for 2005, the managing director said that the top line growth was achieved at the expense of profit margins. According to him, the focus on the 2005 must be on reducing costs without affecting our ability to meet our customers' needs.
Alhaji Sulaiman Baffa, Chairman, First Aluminim, remarked that the company will continue to invest in staff development and welfare, in addition to promoting development and needed skills at all times.