Portland Paints Plc 2016 Financial Summary

Legal Status

Portland Paints & Products Nigeria Limited was incorporated as a private limited liability Company on 3rd September, 1985. 

The Company by a special resolution of 24th April, 2008 changed its name to Portland Paints & Products Nigeria Plc, consequent upon it becoming a Public Limited Liability Company. 

Principal Activities

The Company is principally engaged in the business of manufacturing and sale of paints, marketing of Hempel marine and protective coatings for the oil and gas sector and marketing of sanitary wares. 

The Rights issue embarked on by the company was 65.5% successful no thanks to UACN that holds 72% of the issued and fully paid up shares of the company. UACN had mentioned that the reason it could not pay much dividend for financial year end 2015 was because it plan to take up its Rights in some of its subsidiary one of which is Portland Paints.

The company plan to consolidate on the gains of 2016, expand distribution network and improve brand visibility to ensure it deliver on its corporate objectives. 

12 Months Report PORTLAND PAINTS PLC
	2016 N'000	2015 N'000	change	Year End
Revenue	1,971,170	2,168,480	-9%	December
Profit/Loss before taxation	7,502	258,369	103%
Profit/Loss for the period	8,597	25,384	134%
Issued Shares (Units)	400,000,000	400,000,000
Basic Earnings Per Shares (Kobo)	2.00	58.00	103%
Last total dividend paid (Kobo)	0.00	0.00	#DIV/0!

Quarter on Quarter performance

Revenue                                                                   PAT

N'000                                                                       N'000

Q1: #425,613                                                      Q1: (#45,361)

Q2: #439,692                                                      Q2: (#8,599)

Q3: #493,382                                                      Q3: #7,474

Q4: #612,483                                                      Q4: #55,083

A closer look at the financials shows that the company made money from other operating income that increased from #53.3million to #145.2million. This is an increase of 172.60% as a result of majorly income from executed projects of #25.5million, Franchise fee of #27.4million and Exchange gains #51.8million. The company managed selling and distribution expenses and administrative expenses well within the period under investigation. Net Finance also improved by 13.84%.

It is encouraging to note that interest bearing loans and borrowing reduced by 22.67% this is expected to improve net finance going forward and impact positively on the bottom line.

The Q4 seems to be good for some of the Manufacturing company this was observed on most of the results released so far on the Nigerian Stock Exchange.