Tripple Gee mpany : AND COMPANY PLC. QUARTER 5 FINANCIAL STATEMENT FOR 2023

AUDITED FINANCIAL STATEMENT FOR THE

YEAR ENDED 31ST

MARCH, 2024

In accordance with the provisions of Section 404(4) & (7) of the Companies and Allied Matters Act 2020, the members of the Statutory Audit Committee of Tripple Gee & Company Plc, hereby report as follow:

We have exercised our statutory functions under section 404(7) of the Companies and Allied Matters Act 2020, and we acknowledge the cooperation of the Management and Staff of the Company in the conduct of these responsibilities.

We confirm that:

1. The Accounting and Reporting policies of the Company are consistent with legal requirements and agreed ethical practices.
2. The Internal Audit programs are extensive and provide a satisfactory evaluation of the efficiency of the internal control.
3. We have considered the Independent Auditors' Report in respect of the Year Ended 31st March 2024, their Management Letter on same Account and the Response of Management thereto,
   and we are satisfied therewith. Dated this 13TH Day of June 2024

Mazi Samuel Mpamaugo

FRC/2021/003/0000000/22891

Chairman, Audit Committee

Tripple Gee & Company Plc

Members of the Audit Committee:

1. Mazi Samuel Mpamaugo ---------- CHAIRMAN
2. Mr Ezekiel Olayinka Onimole ------ Member
3. Mr Musibau Olasunkanmi Dawodu ---- Member

4)	Alhaji Ali S. Madugu, mni -----------	Member
5)	Alhaji Adewale Sonaike ------------	Member
6)	Mrs M.A Sode (Melvine & Co.) -------	Company Secretary

INDEX TO THE FINANCIAL STATEMENTS

FOR YEAR ENDED 31ST MARCH, 2024

CONTENTS	Page
Corporate Information	4-5
Directors' Report	6-9
Statement of Directors' Responsibilities	10
Report of Independent Auditors	11-16
Statement of Financial Position	17
Statement of Comprehensive Income	18
Statement of Changes in Equity	19
Statement of Cash Flows	20
Notes to the Financial Statements
Summary of Significant Accounting Policies	21-36
Schedules to the Financials
Turnover	37
Cost of Sales (COS)	37
Distribution/Administrative Expenses	37
Profit Before Taxation	37-38
Personnel Expenses	38
Earnings Per Share (EPS)	38
Property, Plant and Equipment	39
Other Tangible Assets	40
Inventories	40
Trade/Other Receivables	40-41
Other Current Assets	41
Cash and Cash Equivalent	41
Share Capital	41
Dividends	41-42
Other Components of Equity	42
Non-Current Liabilities	42
Short Term Borrowings	43
Short Term Provisions	43

Trade/Other Payables	43
Current Tax Payable	44
Related Parties	44
Major Suppliers	44
Capital Commitments and Contingent Liabilities	44
Post Balance Sheet Event	44
Approval of the Audited Financial Statements	44
Other Information	45
Statement of Value Added
Five Year Financial Summary	46

CORPORATE INFORMATION

DIRECTORS

Mr. Samuel Idowu Ayininuola - Chairman

Chief (Mrs) Adebimpe Giwa - Group Managing Director Alhaji Ali S Madugu, Mni

Mr Adewale Sonaike

Mrs Oluwatoyin Olusanya - Onadele

Engr Jude Okpala

COMPANY SECRETARY

Mrs Adenike Sode

Melvine & Co.

Suite 1, Federal Shopping Complex Federal Road, Nigerian Railway Compound (NRC)

Ebute-Metta, Lagos

e-mail: [e-mail]

REGISTERED OFFICE

Plot 9, Kareem Giwa Street,

Opposite Intern'l Trade Fair Complex, Km11, Badagry Express Way, Abule Oshun, Lagos.

Tel: [phone] e-mail:[e-mail] web: www.tripplegee.com

AUDITORS

Tope Kuyoro & Co (Chartered Accountants)

52, Coker Road

Ilupeju, Lagos.

Tel: [phone]

e-mail: [e-mail]

REGISTRARS

GTL Registrars & Data Solutions Ltd

274 Murtala Mohammed Way, Ebute- Metta, Lagos

MAIN BANKERS

Providus Bank Ltd

Victoria Island, Lagos

Gtbank Plc

Aspamda Branch,

International Trade Fair Complex. Lagos

DIRECTORS REPORT

FOR YEAR ENDED 31ST MARCH 2024

The Directors present their annual report, together with the Audited Financial Statements for the year ended March 31, 2024.

Basis of Preparation

These Financial Statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use by the International Accounting Standards Board (IASB).

Principal Activity

The company is a renowned and leading producer of security documents, financial instruments, computer stationery, flexo and flexible packaging products.

Commencement of Operations

Tripple Gee & Company Plc was incorporated in 1980 as a Limited Liability Company and subsequently quoted on NGX in 1991.

Future developments

The Company intends to carry on fulfilling the objectives stated in its Memorandum and Articles of Association.

Results

Summary of the financial results for the year are set out below:

	31-Mar-24	31-Mar-23
	₦'000	₦'000
Profit/(Loss) before Taxation	18,013	182,079
Taxation	(11,013)	(59,176)
Profit/(Loss) after Taxation	7.0	122.9
Basic Earnings per share (Kobo)	1.41	24.83

DIRECTORS AND THEIR INTERESTS

In accordance with Section 301 of the Companies and Allied Matters Act 2020, the Register of Director's interest in the share capital of the Company will be open for inspection at the Annual General Meeting. The Directors who served during the Year Ended 31st March 2024 and their interest in the shares of the Company as recorded in the Register of Members for the purpose of Sections 301 and 302 of the Companies and Allied Matters Act 2020 and in compliance with the requirements of the Nigerian Exchange Limited are as follow:

Directors	31-03-2024	%	31-03-2023	%
Chief (Mrs) Adebimpe Giwa	44,227,813 (Indirect)	8.94	4,227,813	8.94
	2,721,495 (Direct)	0.55	2,721,495	0.55
Mr Sam. Idowu Ayininuola	19,137,456 (Direct )	3.86	19,137,456	3.86
Alhaji Ali S. Madugu, mni	NIL	-	NIL	-
Alhaji Adewale Sonaike	NIL	-	NIL	-
Mrs Toyin Olusanya-Onadele	NIL	-	NIL	-
Engr. Jude Okpala	NIL	-	NIL	-

Directors' Responsibility

In accordance with the provisions of section 334 and 335 of the Companies and Allied Matters Act, CAP C20, LFN 2004, the Company Directors are responsible for the preparation of the annual Financial Statements which give true and fair view of the state of affairs of the Company and of its profit and loss accounts for the year, and comply with the requirements of the Act.

In preparing the Financial Statements, the Directors are required to:

• select suitable accounting policies and apply them consistently;
• make judgements and estimates that they are reasonable and prudent.
• ensure that the applicable accounting standards have been followed, and in the case of any material discrepancies, that these have been fully disclosed and explained within the Financial Statements;
• prepare the financial statements on a going concern basis, unless it is deemed inappropriate to assume that the Company will continue in business.

The Directors are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any point in time, the financial position of the Company, and which enable them to ensure that the Financial Statements comply with the requirements of the Companies and Allied Matters Act CAP C20 LFN 2004 together with the relevant Reporting Standards as issued by the International Accounting Standard Board as regulated by the Financial Reporting Council of Nigeria. The Directors are also responsible for safeguarding the assets of the Company, and for taking any reasonable steps to prevent and detect fraud and other irregularities.

Physically challenged persons

The Company welcomes applications from suitably qualified disable persons. Where an Employee becomes disabled, every effort will be made to ensure his/her continued employment.

Employees' Health and Safety Regulations

Health and safety regulations are in force within the Company's premises with safety regulations posted in relevant places within the Company. Employees are aware of existing regulations and the Company provides subsidy to all levels of employees for medical, transportation and housing. The Company also provides a retainership health arrangement for the benefit of its guests.

Employees' Training and Development

The Company believes in the development and training of its staff and carries this out through the experience acquired whilst in employment and where appropriate, by attending other relevant training programmes

Auditors

The Auditors, Messrs Tope Kuyoro & Co (Chartered Accountants) having indicated their willingness to do so, will continue in office in accordance with Section 357(2) of the Companies and Allied Matters Act, CAP C20, LFN 2004. A resolution will be proposed to authorise the Directors to fix their remuneration.

By Order of the Board

Mrs M. ADENIKE SODE FRC/2015/NBA/00000010635 (MELVINE & CO.)

COMPANY SECRETARY 2024