Portland Paints records 148% profit hike

Portland Paints and Products Nigeria Plc returned to profitability as it recorded a commendable bottom line growth of 148 per cent in 2013 from a loss of N222.7 million in 2012 as profit after tax rose to N107.5 million in 2013.

Operational profit grew from a loss position of N130.8 million in 2012 to N224.4 million in 2013.

Speaking at the company’s annual general meeting, recently, in Lagos, the Chairman of the company, Mr. Larry Ettah, attributed the turnaround in the fortune of the business to successful implementation of innovation and proactive policies.

He said: “The Nigerian economy faced enormous socioeconomic challenges in 2013.

However, as shown in this report, your company was able to successfully weather the storm and post an impressive result.”

He spoke on the outlook for the business, stressing: “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.”