Premier Paints reports N16.6 million profit in 9M 2020, down by 25.9%

Premier Paints Plc has reported a Profit After Tax of N16.6 million for the period ended September 2020.

The latest figure indicates a decline of 25.9% from N22.4 million it recorded in the corresponding period last year.

Key highlights for 2020 9M are:

• Profit After Tax declined to N16.6 million, down by -25.9% YoY.

• Pre-tax loss increased to N23.1 million, up by +0.33% YoY.

• Revenue declined to N70.9 million, down by-32.2% YoY.

• The loss on the cost of sales increased to N54.3 million, up by +36.4% YoY.

• Gross profit declined to N16.63 million, down by -25.95%.

• Administrative expenses increased to N34.2million, up by +8.2%.

• Earnings Per Share remained the same at a loss of N0.19k.

What you should know: Premier Paints Plc is a listed company that specializes in the manufacturing and marketing of paints and coating products for industrial and commercial sectors in Nigeria. It is a subsidiary of Red Sea Housing Services Company Limited, with head office in Jeddah Saudi Arabia.