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Greif Nigeria Plc (formerly Van Leer Containers (Nigeria) Plc), manufacturers and marketers of steel drums has recorded its lowest loss in three years, as analyzed from the company’s unaudited third-quarter results for the period ended 31 July 2021.
The company’s loss slowed to N21.35 million in July, 62.77 percent less than the N57.35 million it reported in the corresponding quarter of 2020. The last time the company reported a positive performance was in the third quarter of 2017 after it posted N44.37 million.
The plastic containers and sheet metal maker was able to reduce its cost in the review period. Greif Nigeria’s total expenses for the third quarter ended July 31 2021 was down by 48.82 percent to N37.45 million from N73.18 million in the corresponding quarter of the previous year.
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A breakdown of the company’s financial result showed its operating expenses dropped by 87.72 percent to N6.07 million from N49.42 million.
The analysis of the drum maker’s third-quarter 2021 financial report to determine its efficiency rate was unsuccessful as the unaudited financial result failed to reveal the company’s revenue and cost of sales for the review period.
Incorporated as a limited liability company on January 20, 1940, with the name, Metal Containers of West Africa Limited, Greif Nigeria Plc subsequently changed its name to Van Leer Containers (Nigeria) Limited on July 4, 1969, and then, Van Leer Containers (Nigeria) Plc before retaining its current identity by a special resolution on May 12, 2004.
