Berger Paints PLC, a key manufacturer of paint and coating products released its half year financial result showing its gross revenue for 2016 nearly matched its 2015 revenue.
The company declared NGN1,424,203 billion in 2016 while its revenue for 2015 half year was NGN1,412,170 billion. After deducting its cost of sales, gross profit fell to NGN512 million compared to NGN747 million declared last year.
Net profit declined by 62.9% to NGN59 million versus NGN161 million recorded last year. The company should not in the medium term face serious liquidity problems as its current assets stood at NGN1,9 billion compared to its current liabilities of NGN1,1 billion for the year.
Berger Paints Nigeria Plc was incorporated in Nigeria as a private limited company in 1959 and was converted to a public liability company in 1973.
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