Portland Paints & Products slips into N40m loss in Q3 2020

WorldStage Newsonline– Portland Paints & Products Nigeria Plc that is into manufacturing and sale of paints has released its financial statements (unaudited) for the period ended 30 September 2020 with 28.09% drop in revenue to N457.929 million in the last three months from N636.852 million in Q3 2019 while it declined to N1.229 billion in nine months from N1.996 in the same period in 2019

The result released at the Nigerian Stock Exchange on Monday showed N39.956 million loss  from continuing operations in Q3 2020 from a profit of N31.743 million in 2019 just as it recorded N115.445 million loss in the first nine months on 2020 from N96.015 profit in 2019.

Portland Paints & Products Nigeria Plc, a subsidiary of UAC Nigeria  was incorporated as a Limited Liability Company on 3 September 1985 and became a Public Company on 24 April 2008. The company was listed on the floor of the Nigerian Stock Exchange on 9 July 2009.

The principal activities of the Company are manufacturing and sale of paints. The main products of the Company are Sandtex range of decorative and industrial coatings and Hempel marine & protective coatings.

 

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