Management of A.G. Leventis Nigeria PLC has revealed plans to bring back Leventis chain stores as part of the company’s strategic priorities to support top-line growth and strong cash flow.
Mr Olugbenga Kasomo, Head of Finance, disclosed this while presenting the company’s Facts Behind The Figures on the floor of the Nigeria Stock Exchange (NSE) on Tuesday.
He explained further that the 80-year-old company is going into partnership with one of the top two retailers in South Africa – Pick ‘n’ Pay – to ensure the smooth running of the retail chain stores. This he noted will make the foreign investors inject capital leading to the expansion of the company’s product portfolio.
The automotive arm of the company is said to be expanding their product portfolio into new products from Foton and are equally exploring expansion into Lovol’s brand of agricultural and construction equipment. The flee solution also aims at exploring participation in all the value chains of logistics in terms of warehousing and distribution.
According to the statement, the company’s assembly plant located in Ibadan commenced production of vehicles since mid-2015. They currently assemble for Leventis Motors with expansion plans to assemble for other distributors in the region. The company also has plans to go into large scale farming.
Kasomo while speaking on the figures noted that despite recording loss for the year 2015, the company was able to pay dividends to its shareholders. He further explains that the company’s revenue has grew by 9 per cent in half year above the figure obtained in 2015.
He alluded the success to the stance of the company not to compromise qualities or cut corners.