GREIF NIGERIA PLC (VANLEER) Stock

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Company Name: GREIF NIGERIA PLC (VANLEER)
Ticker: VANLEER
Market Classification: Main Board
Sector: INDUSTRIAL GOODS
Sub Sector: Packaging/Containers
Nature of Business: Manufacturing and Marketing of Metal Drums Containers
Company Address: 1, Alapata Road (Off Dockyard Road) Apapa Lagos
Telephone: 12121764
Fax: 12121765
Email: info.greifnigplc@gmail.com
Auditor: Ernst & Young
Registrar: All Crown Registrars Ltd
Company Secretary: Marina Nominees Ltd
Date Listed:
Date of Incorporation: January 20th 1940
Website:
Board Of Directors:
Adedayo Olowoniyi, David Onabajo, Mr. G. A. Omotayo, Mr. O. A. Obadina, Mr.Erik 't Sas

Trading Information
Trading Name: GREIF NIGERIA PLC (VANLEER)
Ticker Symbol: VANLEER
Sector: INDUSTRIAL GOODS
Sub Sector: Packaging/Containers
Market Classification: Main Board
Market Cap (Mil.): 388,024,000.00
Shares Outstanding (Mil.): 42,640,000

 

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Greif Nigeria Plc suspends operations in Nigeria

Greif Nigeria Plc has decided to suspend operations in the country. The firm’s Chairman Adebayo Olowoniyi disclosed this in its 2018 full-year statements released today.

GREIF NIGERIA HAS BEEN OPERATING WELL BELOW OPERATING COSTS, EVEN BELOW DIRECT MATERIAL COSTS, AND SEES NO SIGNS OF IMPROVED MARKET CONDITIONS. THEREFORE, WE HAVE DECIDED TO STOP OPERATIONS WITH IMMEDIATE EFFECT. THE COMING MONTHS WE WILL INVESTIGATE ON IF AND/OR HOW WE CAN CONTINUE WITH GREIF NIGERIA.


WE HAVE TRIED TO NAVIGATE THIS DIFFICULT BUSINESS TERRAIN BY RECOVERING OUR COSTS THROUGH MULTIPLE PRICE INCREASES TO OUR CUSTOMERS, COST REDUCTION INITIATIVES AND IMPROVED EFFICIENCIES. HOWEVER, WE HAVE NOT SUCCEEDED IN THAT. WE HAVE LOST OUR MOST IMPORTANT CUSTOMER, HALFWAY THROUGH THE YEAR AND HAD TO REDUCE PRICES TO RETAIN VOLUMES, NOT FULLY RECOVERING COSTS

The company in June last year, had notified the NSE of its intentions to shut down its operations in Koko, Delta State, and Kaduna State.

Greif Nigeria Plc closed today’s trading session at N9.10, unchanged from the prior day.

Results for the twelve months ended October show revenue fell from N1.4 billion in 2017 to N534 million in 2018. The firm recorded a loss before tax of N245 million in 2018, as against a profit before tax of N77.5 million in 2017.


About the Company
Greif Nigeria Plc was incorporated as a limited liability company on January 20, 1940, with the name, Metal Containers of West Africa Limited. The name was subsequently changed to Van Leer Containers (Nigeria) Limited on July 4, 1969, and then, Van Leer Containers (Nigeria) Plc.

The Company’s name eventually became “Greif Nigeria Plc” by a special resolution on May 12, 2004.

The principal activities of the company are the manufacturing and marketing of metal drums and plastic containers.
Source : Nairametrics