Photo credit: CPL Group - Mr. Navin Raju
For its 2021 financial year results, The City Pharmacy Group Limited recorded a trading profit of K23 million.
Despite fiercer competition, significant increases in the cost of goods, freight charges, and COVID-19, this represents a 6% gain over 2020.
A 4 toea per share full and final dividend has also been declared by the group.
Sales growth for CPL Group's nine core brands continued to decrease in the first quarter of 2022 as the trading environment returned to normal and NiuplaPasin requirements became part of the new normal across the country.
“The Board remains confident that despite the operational challenges and future growth prospects, CPL Group remains positive and will continue to promote opportunities for sustainable business in our day to say operations and advocacy through the CPL Foundation,” said Stan Joyce CSM, Chairman of CPL Group.
One of the year's major milestones was Mr. Navin Raju's promotion to Group CEO, succeeding Sir Mahesh Patel.
While the business was able to surpass the trading profit from the previous year while keeping the net gross profit margin in line with 2020, the total group sales were 0.3% lower than in 2020.
Key brands Hardware Haus and City Pharmacy successfully achieved sales growth of 4.2% and 12.3%, respectively, through the company's subsidiaries.
Despite a drop in sales, the supermarket chain Stop & Shop is still Port Moresby's favourite choice for shopping.
As we move into the upcoming year, CPL Group brands will continue to be the go-to destination for shopping by providing our communities, customers, suppliers, and team members with amazing value and exceptional customer service. We will also maintain our emphasis on maximising shareholder value.
Reference: Post-Courier (27 June 2022). “CPL Records K23 Million Profit”.
