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By Henry Uche
Group Managing Director of Tripple Gee and Company Plc, Mrs Adebimpe Giwa, has assured shareholders of the company of better days ahead, adding that the management would seek means of addressing rising operational costs while expecting some level of understanding from all stakeholders.
Giwa, who spoke at the 33rd Annual General Meeting of the company held recently in Lagos, also assured that efforts were being made for alternative source of energy to cut costs.
Minority shareholders of the company charged the Board of Directors and Management to ensure that sound corporate governance and ethical practices are followed to the letter in all decisions and operations.
Some shareholders who responded to the audited accounts of the company presented by independent auditors and confirmed by audit committee expressed concern over the high cost of operations such as cost of power supply (energy), trade receivables, which is on the high side from N358 million in the previous year to N793 million in the year under review.
They applauded the management of the company for an increase in Profit After Tax (PAT) of 86 per cent while the turnover rose by 111 per cent.
Following improved financial results of the company, some shareholders demanded better returns from the company.
In view of the rising cost of doing business, some of the shareholders advised the management to be cautious in borrowing funds.
They commended the leadership of the company for improving on the current assets ratio from 0.98 per cent to 1.06 per cent.
In line with the assurances, the Group Managing Director, Chairman of the Board, Mr Sam I. Anyininuola, guaranteed that shareholders would have cause to smile in the nearest future, adding that they should be rest assured that every issue raised would be fixed in due course.
Anyininuola who confirmed and declared a dividend of 10k per one ordinary 50k share recommended by the directors, added that “we have taken notes of your complaints, be assured that we shall not look down on you, your interest is our concern.”
At the AGM, two new directors were elected. They are Mrs Oluwatoyin Olusanya-Onadele and Jude Okpala.
The AGM also authorized the directors to fix the remuneration of the Independent Auditors while members of the Statutory Audit Committee were elected.
