Greif Nigeria plc in its financial report for second quarter 2017 said it made a net profit of NGN58.3 million compared to NGN28.9 million recorded in the year before.
The result represents 101% increase on a year over year comparison.
Revenue the quarter was NGN768.6 million compared to NGN434.3 million reported same period 2016. Its costs of sales for the period was NGN636.9 million against NGN358.9 million posted in 2016.
The company said its gross profit for the period increased to NGN131.6 million from NGN75.5 million recorded in the previous year. While its operating profit was NGN 73.2 million in contrast to NGN35.5 million reported in the year 2016.
Greif Nigeria reported NGN73.6 million profit before tax in the period under review against NGN37.1 million reported in the fiscal year 2016.
Greif Nigeria plc acquired total assets worth NGN766.6 million in the year 2017 compared to NGN748.9 million acquired in the year 2016. Its total liabilities was NGN392.6 million versus NGN388.7 million recorded in the year before.
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Grief Nigeria Plc formerly known as Van Leer Containers (Nigeria) Plc is involved in manufacturing and production metal drums and plastic containers. The Company produces sheet metal product and stainless steel shape. The Company also provides services such as punching and aluminium welding. The company is based in Apapa, Nigeria and it operates as a subsidiary of Greif International Holding B.V.