Africa: BIC identifies Nigeria as leading market, reports sales growth
Nigeria has been identified as a leading market in Africa by BIC, a global leader in stationary and other products.
The brand, which recently announced its financial results for the year 2021, reported strong momentum gained across its markets, fuelled by Consumer-centricity and Commercial Excellence.
Nigeria was identified among the leading countries in Africa in terms of sales volume, which was largely due to the company’s acquisition of Lucky Stationery, a few years ago and the deployment of a more direct marketing approach.
Performance highlights from the financial report shows that BIC marked a significant 15.9% net sales growth at constant currencies, which was driven by the improved understanding of consumer habits, a more customer-centric sales approach, and increased commercial efficiency within each region.
BIC’s net sales growth was largely driven by growth across all its product categories, which include shavers, lighters, and stationery. These results were driven by a rebound in overall product consumption, schools’ reopening in most countries, the shift in consumer attitudes towards creativity and self-expression, an improvement in in-store visibility, and a more value-driven approach.
Commenting on the company’s performance, Chief Executive Officer at BIC, Gonzalve Bich said: “We delivered strong 2021 results, exceeding our expectations, and growing Net Sales high-single to double-digits in all our markets, by being laser-focused on turning our horizon strategic plan into actions. Our passion for bringing simplicity and joy to people all over the world drives us to reimagine what’s new today and what’s next tomorrow. Our teams over-delivered on what they can control, such as commercial excellence and new product launches.”
Bich, however, noted that for the year 2022, the brand would build on 2021’s momentum and the execution of the horizon plan. “We expect full-year 2022 net sales to grow between seven per cent and nine per cent at constant currencies.”
In marking BIC’s success in this past fiscal year, the company will reward its shareholders an ordinary dividend of €2.15 per share, which will be paid in June 2022, subject to the AGM approval. The company also launched a €40 million in share buybacks in January 2022. The company also showed resilience in the face of external headwinds through manufacturing efficiencies and procurement initiatives fuelled by BIC’s ‘Invent the Future plan’. These external headwinds were driven by the increase in raw materials, packaging market prices and global sea freight disruption.
For more than 75 years, BIC has continued to honour the tradition of providing high-quality, affordable, essential products to consumers everywhere. BIC has become one of the most recognised brands and is a trademark registered worldwide through this unwavering dedication.”