“In spite of the emergence of COVID 19 and other environmental and economic unrest at various times in 2020 in the country which led to the loss of 7 weeks of sales, the performance of BPN for the financial year ended 2020 shows modest revenue growth when compared to the 2019 results. The revenue growth has been largely driven by the strategic focus on the sales of premium products and the inclusion of new business partners. This also contributed to the volume growth.
Just like every other company hit by the impact of the pandemic, we experienced disruptions in our supply chain presenting difficulties in the purchases of raw materials and resulting in sharp increases in input costs. Furthermore, the challenges in sourcing for foreign exchange and the congestions at our Ports impacted the Company’s ability to obtain raw materials at advantageous prices.
However, we have taken steps to reduce the similar impact on our business in the future, including undertaking a robust review of our business continuity processes. We have also adopted new business strategies and initiatives for better and improved performance in the 2021 financial year.
The Company remains strong in its commitment to its shareholders, hence I am pleased to announce that the Board will be recommending to shareholders the payment of 40 kobo per ordinary share to be paid to its shareholders which is 60% higher than the 25 kobo paid in the previous year. This is however subject to withholding tax and final approval at the 2021 Annual General Meeting.”
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