Portland Paints and Products Nigeria Plc, a subsidiary of UAC of Nigeria Plc, has posted revenue of N2.32billion and Profit After Tax (PAT) N58.17million for the 2017 financial year.
Reviewing its performance at the 2017 yearly general meeting held in Lagos, on Friday, the Chairman of the company, Larry Ettah, explained that Portland Paints the N2.32billion, represented a 26 per cent growth over the N1.971billion recorded in the corresponding period of 2016.
The post-tax PAT increased from N8.6million to N58.17million during the year under review.
He attributed the improved performance to the firm’s efforts toward expanding customer base, engaging and improving relationship with industry professional, as well as ability to secure new projects during the period under review.
“I am happy to report that our business repositioning drive has led to improved performance of your company in the year 2017. We are optimistic of maintaining this trend in 2018, which will further consolidate our company’s resilient position.”
On the just-concluded rights issue floated by the company, Ettah said it recorded 65.6 per cent subscription, adding that the capital injection enabled Portland Paints to liquidate its major interest bearing loans as well as improve its working capital.
“We successfully accomplished the company’s rights issue with 65.6 per cent subscription.
This capital injection enabled the business to liquidate its major interest bearing loans as well as improve its working capital.”
On the outlook for 2018, the chairman said Portland Paints will consolidate on the gains achieved so far, and focus on the execution of its route to market strategy as well as adopt new business development initiatives.
He added that the company will also expand its marine and protective coating space in the Nigerian Oil and Gas sector.
‘’The Year 2017 started with a challenging operating environment.
In the first half of the year, the economy witnessed scarcity and high cost of forex, which culminated into shortage, and high cost of raw materials input, leading to inability of businesses to meet their customers’ commitments.
“Despite these challenges, your company made some bold moves in expanding its customer base, engaged and improved the relationship with industry professionals, as well as worked to get specific new projects.’’
The Chairman also announced changes on the board of the company with the resignation of Bayo Osibo, effective from October 4, 2017, and the appointment of Adedamola Olusunmade, as the new Managing Director/CEO.