BIC Achieves £1,679m in Net Sales for First 9months of 2024

Samuel Mobolaji

Manufacturing Corporation, BIC, has recorded net sales of £1,679.1 million for the third quarter (Q3) and the nine months ended September 2024.

The company, a global manufacturer of stationery, lighters, and shavers, revealed this in its recently released financial results for the period under review.

Speaking on the company performance, the chief executive officer of BIC, Gonzalve Bich, stated, “Our third quarter results demonstrated the strong resilience of our operating model and our adaptability to navigate a challenging macroeconomic environment.

“Leveraging our commercial and financial discipline, we saw sequential net sales improvement while delivering robust margins and free cash flow generation. This enabled us to raise our adjusted EBIT margin outlook for the year, and we now expect an adjusted EBIT margin approaching 15.5 per cent for 2024.”

According to Bich, “Performance was driven by gradual improvement in our Flame for Life division in the US and continued growth across the rest of the Group, through solid execution, notably in Blade Excellence. In Human Expression, we gained market share during the Back-to-School season in key geographies, despite the ongoing softness in consumption negatively impacting market trends.

“As we get closer to 2025, we will continue leveraging the transformational capabilities developed over the last years under our Horizon strategic plan, focusing on what we can control to deliver on our objectives of long-term profitable growth and solid cash generation.”

Also, the company appointed Anthony Amahwe as the general manager to lead its Nigerian operations. This strategic move underscores BIC’s commitment to driving sustainable growth, innovation, and leadership excellence in the region.

BIC said: “Anthony Amahwe brings extensive experience in executive roles, including his tenure at FrieslandCampina WAMCO Nigeria, where he successfully identified market opportunities and led initiatives that boosted growth, profitability, and distribution efficiency. With a diverse background spanning regional, national, and international markets, Amahwe will lead BIC’s strategic efforts in Nigeria. His dynamic skill set and proven track record in strategic leadership have consistently driven business success.”

Amahwe stated, “I am deeply honored to join BIC, a brand that holds a special place in the hearts of consumers worldwide for its quality and innovation.

“My focus will be on harnessing the rich opportunities in the Nigerian market by leveraging BIC’s legacy of excellence, commitment to sustainability, and dedication to delivering exceptional value to our customers.”