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Portland Paints returns to profitability

News » Health and Beauty

13th June 2014

Portland Paints and Products Nigeria plc returned to profitability in the financial year ended December 31, 2013.

From a loss of N222.7 million in 2012 to Profit After Tax of N107.5 million in 2013, the company recorded bottom-line growth of 148%. Operational Profit grew to N224.4 million in 2013 from a loss position of N130.8 million in 2012.

Shareholders of Portland Paints and Products Nigeria plc adopted the audited financial statement at the company’s annual general meeting held Thursday in Lagos.

Speaking at the annual general meeting, Larry Ettah, chairman, Portland Paints and Products Nigeria plc attributed the turnaround in the fortune of the business to successful implementation of innovation and proactive policies.

He said: “The Nigerian economy faced enormous socio-economic challenges in 2013; however, as shown in this report, your company was able to successfully weather the storm and post an impressive result.”

Speaking further on the outlook, he said: “For our company, we are poised to reap the benefits of the current investments in the business. The company will continue to implement its strategies for the enhancement of its service delivery through the restructuring of its operations and, in particular, the route to the market and focus on areas of its core competencies, enforcement of procedures and processes in tandem with the group’s policies. These initiatives have re-positioned our company for sustainable growth and improved performance in 2014 and in the years ahead.

Article Credit: Businessday

Updated 5 Years ago

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