Proshare Logo
   Market Date: 30-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

African Paints records N51 million turnover

Category: Capital Market

  Read (1909)
African Paints records N51 million turnover


African Paints Nigeria Plc has achieved a turnover of N51 million its 2009 operators, as against N42 million recorded in 2008 while the company’s gross profit grew from N7.5 million to N9.5 million during the year under review.

Addressing shareholders during the 33rd yearly general meeting of the company in Lagos yesterday the Chairman of the company Mr. Gbenga Akinnawo explained that the percentage increase in turnover is 19.6 per cent while Gross profit increased by 25.7 per cent.He told shareholders that the company’s interest expense currently stood at N19.5 million as at December 2009, representing 40 per cent reduction from N33.2 million in 2008.

He noted that the improved performance was a confirmation of the company’s effort to expand and turnaround the company for profitability.He pointed out that the first phase of the company’s repositioning strategy has been completed.This, according to him followed a successful conclusive of a placement of 130 million ordinary shares of the company with Charring management limited, the company’s core investor.

He said that the introduction of Charring management to the share holding of the company would boost investors’ confidence as enhance the prospect of the company, adding that it has also enabled the company to reduce its indebtedness significantly and secure viability or the business in the short term.

“I am delighted to announce that the first phase of African Paints turnaround strategy has now been completed with a successful conclusion of the placing of 130 million ordinary shares of the company with the core investor, Charring management to the shareholding of our company is a strong vote of confidence and enemies the prospect of African Paints.“The company’s year on year financial performance reflects the on-going implementation of the new business plan and strategy. Significant improvement include turnover of N51 million and ( a resulting reduction in our loss position to N31.6 million ) and gross profit of N9.5 million; a 19.6 and 25.7 per cent growth on last year’s performance.

In addition, the company’s interest expense now stands at N19.5 million as at December 31, 2009 representing 40 per cent reduction from December 31, 2008.Akinnawo expressed worry over the neglect meted over to the manufacturing, which he described as the pivoted to the economic development of the country over the years.“Infrastructures decay, most particularly power and roads networks.  

Continues to have a negative impact on companies and their operating capacity. The paint industry remains one of the most competitive industries in Nigeria , and continues to be plagued by the twin evils of adulteration and low-priced sub-standard products”He urged various companies under the sub-sector and relevant agency to intensify efforts and be proactive to ensure that the problem of adulteration and sub-standard products is eliminated in the industry to enhance product quality and profitability.


Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Capital Market

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014