CPL posts K13.5mil H1 profit

 CITY Pharmacy Group (CPL) has reported a net profit of K13.56 million for the first six months of this year, up 34% from K10.1 million, for the same period last year.

Total revenues for the first-half of the year rose 16% to K194.92 million as compared with K168.39 million last year, for the same period last yeaer.

CPL Group’s share price has been trading well at K1.80 (from K1.55 last December), up 16% over six months. 

In a statement, CPL Group said its financial performance was boosted by the performance of some of its outlets.

That included the first convenience store Stop ‘N’ Shop Express, which opened last February at Airways Hotel Complex, Eagle Boys Pizza franchise that opened at Stop ‘N’ Shop Central Waigani, followed by a second outlet in Stop ‘N’ Shop Town.

Three more Eagle Boys outlets would be opened this year. 

The company said Hardware Haus had shown an improved sales performance and its supermarket arm Stop ‘N’ Shop became associated with the US-based International Grocers Alliance (IGA) last March. 

Group chairman Mahesh Patel said: “Our continued focus on customers, through investment in price, range, merchandise and quality would continue to contribute to the sales growth. 

“We expect this positive trend to continue and finish this financial year strongly.

The company is continuing to secure further supply chain improvement and technological renovations to improve our warehouse system,” Patel added. 

CPL group has now established seven retail brands, namely City Pharmacy, Stop ‘N’ Shop, Hardware Haus, Boncafe, Homemaker, Paradise Cinema and Eagle Boys Pizza. 

As of last year, the CPL Group had a combined retail operations of 56 stores nationwide and employed more that 2,500 personnel, of which 95% were Papua New Guineans. 

Its retail network spans health and beauty chains, grocery, hardware stores, coffee shops, multiplex cinema and a pizza chain.