BIC Achieves Strong Growth in West Africa: Reports Double-Digit Sales Increase

BIC reports double-digit net sales growth across all divisions in West Africa, highlighting robust market performance.
Market share gains in the Blade Excellence division underscore BIC’s commitment to innovation and meeting consumer preferences.
Operational efficiency improvements contribute to BIC’s competitive edge and strengthen its position in the West African market.

(Lagos, Nigeria – 28 February 2024): BIC, a world leader in stationery, lighters, and shavers, has announced impressive financial results for the fourth quarter and full year of 2023, showcasing significant achievements in West Africa. Notably, the company witnessed double-digit growth in net sales across all divisions – Human Expression (Stationery), Flame for Life (Lighter), and Blade Excellence (Shavers). This performance underscores BIC’s strong market presence and resonating product offerings tailored to the diverse needs of consumers in the region.

The company’s FY23 earnings report reveals that strong growth was a constant theme across the board: BIC closed out the 2023 fiscal year with a strong adjusted EBIT growth of +6.9% with the EBIT margin at 14.7% (+70bps). This growth was driven by gross profit margin improvement owing to favorable pricing and operational efficiencies. BIC’s strong growth is also linked to its performance in different product categories in different regions. Under its Human Expression category, for instance, the double-digit net sales it recorded were driven by strong Back to School sales in key regions including the Middle East and West Africa. As expected BIC’s strong performance ripples into sustained shareholder remuneration, with a proposed ordinary dividend of €120 million for FY23 to be paid later in the year.

Commenting on the company’s growth, Gonzalve Bich, BIC’s Chief Operating Officer said, “In 2023, we maintained our solid execution of the Horizon Strategy for the third consecutive year, and this continues to support our growth trajectory and margins. As a result, while we have faced significant global macroeconomic challenges, we delivered a robust performance that was fueled by disciplined execution, innovation, and successful new launches. We also boosted our marketing capabilities with consumer-centric campaigns that drove growth across multiple sales channels and regions.”

Adeyemi Ojo, Business Development Manager at BIC Nigeria, also expressed excitement about the company’s performance, stating: “We are thrilled to see BIC’s continued growth and success in West Africa. Our relentless commitment to meeting the needs of consumers, coupled with innovative product offerings and sustainable business practices, has propelled our performance in the region.”

BIC’s success in West Africa is further emphasized by notable market share gains in the Blade Excellence division, demonstrating the company’s dedication to innovation and meeting the evolving preferences of consumers. Additionally, the organization’s sustainability initiatives, such as increasing the supply of electricity from renewable sources, align with the region’s growing focus on environmental responsibility. These efforts contribute to BIC’s reputation as a trusted and environmentally conscious brand in West Africa’s consumer market.

Looking ahead, BIC remains committed to driving sustainable growth and maximizing value for stakeholders in West Africa and beyond. With a strategic focus on market expansion, product innovation, and operational excellence, the company is poised to capitalize on emerging opportunities and solidify its position as a leading brand in the region.