Chellarams plc posts 98% rise in profit for half year

Chellarams plc posts 98% rise in profit for half year

Chellarams plc is reporting 98% rise in profit to NGN2.6 billion for the second quarter of the year compared to NGN206.3 million reported same period in the financial year 2016.

The Group delivered lower revenue of NGN6.0 billion in contrast to NGN6.2 billion recorded in the previous year while gross profit was NGN983.9 million against NGN1.8 billion in the year before.

The company’s finance cost for the period was NGN428.9 million compared to NGN665.1 million in the fiscal year 2016.

The company’s total assets declared by Chellarams plc for the period under review was NGN4.6 billion compared to NGN4.9 billion recorded in the first quarter while total liabilities was NGN3.4 billion versus NGN534.9 million q1.

Company Profile

Chellarams Plc (The Company) was incorporated on 13 August 1947 as a private limited liability company with the primary aim of doing business of distribution, trading and manufacturing. The entity later became a public limited liability company and was admitted to the official list of the Nigerian Stock Exchange on 29 November 1974 as a Public company. The entity comprises two subsidiaries namely: Dynamic Industries Limited and United Technical and Allied Services Limited with a shareholding of 77.71% and 100% respectively. The principal activities of Chellarams Plc are trading and distribution of fast moving consumer goods, ingredients and consumer durables and industrial chemicals. Its registered office is at Plot 110/114 Oshodi Apapa Expressway, Isolo, Lagos.