One manufacturing company that took advantage of new opportunities in the print market by diversifying into the niche Security Printing market, is Triple Gee & Company Plc. In 1989, the company invested in new technology, and machinery that embedded security features to meet the perceived needs at hand; all in a bid to ensure the security of prints and print substrates.
However, like others in the industry, it was not immune from the economic climate resulting from the post-pandemic period in 2020. In addition, its 2022 financial performance indicated a 25% reduction in turnover and 24% reduction in profit compared to its 2021 financial performance.
The company has maintained profitability regardless as its financial performance indicates since diversifying into security printing albeit in competition with competitors like SecureID and Nigerian Security Printing and Minting Company Limited competing in the area of smart card manufacturing.
Tripple Gee & Company Plc.
The late Chief G.G. Giwa founded Tripple Gee & Company Plc, which was incorporated as a private limited liability company in April 1980. The company is a manufacturer of financial instruments, secure and business documents, POS Rolls, labels, and flexible packaging materials. Their products and services are used by industries, such as those in the banking sector, government regulatory agencies, the transportation and education sectors, the oil and gas industry, and FMCG and pharmaceutical producers. The company became listed on the Nigerian Stock Exchange in 1991, at which point it was transformed into a Public Limited Liability Company.
The company manufactures secure print products, financial instruments, secure business and commercial documents, flexible packaging, and specialized card services. The company has been in business for over 41 years and has the following categories of clients:
- Financial such as CBN, Sterling, Zenith bank, Sterling, Ecobank, Globus, Taj, etc
- Governments such as Lagos, Anambra, Ondo, Kogi, Osun, etc governments, NIMASA, INEC, etc
- Education such as the University of Ibadan, Ibadan Polytechnics, JAMB, WAEC, ICAN, etc
- Oil & Gas such as Conoil Plc, Oando, etc
- Manufacturing such as Unilever Plc, Flour Mills of Nigeria Plc, Dangote Group of Companies, etc
The Company operates in two main areas:
Products
Security Prints
This comprises Personalised cheques, licenses and permits, academic and Institutional certificates and commercial Instruments, MICR encoded cheques, POS Rolls (plain and customized), ballot paper and other election materials, government revenue receipts, annual reports and accounts postage stamps, roadworthiness tags and receipts, tax clearance certificates and C. of O. Tru-DATA (Barcoding technology solution for encryption and decryption of documents).
Packaging
This comprises Tea tags, pharmaceutical packaging, labels for bottles, and cartons, etc., anti-counterfeit labels, larger packaging labels, nylon printed BOPP, printed PVC laminates, shrink for plastic, cans, etc.
Board of Directors
Mr. Samuel Idowu Ayininuola – Chairman
Samuel Idowu Ayininuola earned a BSc in Agricultural Science from Obafemi Awolowo University in Ile Ife in 1976. He graduated from the University of Lagos with an MBA. He became a Chartered Accountant In 1981, he has worked in several banks both within and outside of Nigeria. He is currently the Managing Director of Ghana’s Energy Bank Limited in Accra. He was elected Chairman of Triple Gee in 2010.
Mrs. Adebimpe Giwa – Group Managing Director
Rotn. Mrs. Adebimpe Giwa is a graduate of Lagos Business School and a Paul Harris Fellow of Rotary International’s Rotary Foundation. She received her B.A. ED (English) in 1989 and her Masters in Public Administration, MPA, from Lagos State University. She earned her master’s degree in marketing from St. Edward’s University in the United States. She is a member of the Institute of Directors (IOD) and a fellow of the Nigerian National Institute of Marketing (FNIMN).
Mrs. Giwa has worked in a variety of industries and was appointed Managing Director of Tripple Gee & Company Plc.
Achievement
- The Company began by producing general commercial stationery but quickly expanded its operations to produce specialized paper packaging products for the food and pharmaceutical industries. This move solidified the Company’s position in the local print industry and helped it achieve Public Limited Company status.
- The official launch of the recently acquired 11-color Nil Peter Printing Machine, the first of its kind in Nigeria and the second in Africa was a high point and key development in its operations.
- Following the death of the founder in 2018, Mrs. Giwa returned as an Executive Director, resulting in a 149% increase in turnover in the first six months of 2018.
The company is certified by local and international bodies such as the Chartered Institute of Professional Printers of Nigeria (CIPPON), the Nigerian Cheque Printers Accreditation Scheme (NICPAS), and the British Retail Consortium (BRC).
Performance
Tripple Gee’s financial statement for 2022 shows revenue of 1,506,378, 000 and a profit before tax of 98,139,000. With a market capitalization of NGN 401 million, the company is traded on the NGX under the ticker symbol “TRIPPLEG.” TRIPPLEG closed its last trading day on the Nigerian Stock Exchange (NGX) at 0.81 NGN per share, after beginning the year with a share price of 0.96 NGN but losing 15.6% of that price valuation.
The company indicates that its main selling point is the production of variable cards under its Security print segment, which creates unique identification features that ensure cards are nearly impossible to counterfeit.
Fortunately, the macro-environment particularly the financial industry, and smart card technology has continued to evolve, as evidenced by blockchain technology. It is, however, vulnerable to security vulnerabilities such as attacks that recover information from chips or cause chips to be physically disassembled in order to gain access to the onboard microchip, among others. Regardless of the numerous threats, the company can always use its food and pharmaceutical packaging segment to reduce the likelihood and impact of these threats on its overall profitability.
