APPRAISAL OF INDUSTRIAL ACCIDENTS AND THEIR EFFECTS ON PROFITABILITY (A Case study of two Manufacturing Companies)

AUTHOR: AKAH, ISRAEL CHUKWUEMEKA (B.ENG)

DEPARTMENT: MECHANICAL ENGINEERING

AFFILIATION: FEDERAL UNIVERSITY OF TECHNOLOGY, OWERRI

Appraisal of industrial accidents and their effects on profitability are presented. Two manufacturing companies, The Nigerian Bottling company, Owerri, and the Nigerian Breweries, Aba were selected for the study which covered a period of three business years (2011–2013). Data collection was through administration of questionnaires and personal interviews of some strategic staff of the Companies. The data were analyzed using Mean Percentage Method. The results showed that the Utility section of both companies had the highest risk rating of 4.3 in Nigerian Bottling Company and 3.2 in Nigerian Breweries. The lowest risk rating was found in the Fermentation section of Nigerian Breweries and the Raw material section of Nigerian Bottling Company with the respective rating values of 1.6 and 2.4. Furthermore, the percentage impact of accidents on the company’s profit were 0.75%, 2.08%, and 4.52% representing a profit loss of N3,719,800, N5,954,750, N9,085,900 respectively for 2011, 2012  and  2013 in Nigerian Bottling Company, while in Nigerian Breweries its percentage impact for the respective years are 1.92%, 0.99%, and 0.40%, representing a profit loss of N4,302,750, N3,492,050 and N1,986,600 respectively for the years under study. Based on the results, it is recommended that both companies should take steps to implement best safety  practices and programs particularly in their Utility sections so as to reduce the level of industrial accidents. By so doing, they will reduce accident cost and improve their profits.

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