CPL group posts K21.86 million profit

City Pharmacy Ltd Group, Papua New Guinea’s biggest retailing network, has announced a profit before tax of K21.86 million, The National reports.

It is a 62.77% increase from the K13.43m it recorded the previous year.

It yesterday released its chairman’s statement announcing the unaudited profit before tax.

Both its City Pharmacy and Stop N Shop stores recorded good sales growth last year.

 “Our retail business continues to work hard to execute strategies that are improving the value and shopping experience of our customers,” said CPL group chairman Mahesh Patel.

CPL group chairman Mahesh Patel

“The bottom line continues to grow faster than the sales.”

Patel added that the directors, after the board meeting last week, would be recommending a bonus for its hardworking employees and shareholders in their annual general meeting in April 2012.

CPL Group is PNG’s biggest retailing work.  It has established five strong retail brands - City Pharmacy, Stop N Shop, Hardware Haus, BonCafe and HomeMaker.

It will open during the first quarter of this year Paradise Cinema - PNG’s very first multiplex cinema which will be at the third floor of Vision City.  

In 2011, the CPL Group had a combined retail operations of 54 stores nationwide which employ over 2,000 staff of which 95% are Papua New Guineans.

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