Premier Paints PLC, a major manufacturer of paints and coatings said its net profit for the third quarter of the year fell to NGN15,6 million.
On a year on year basis, the company’s net loss has increased by 37.1%. Last year, Premier Paints reported a net loss of NGN24 million, a sign that the company’s negative outlook is not only related to the dwindled Nigerian economy.
Gross income rose from NGN234 million from NGN170 million posted last year.
The company’s total liabilities was NGN335 billion versus its total liabilities of NGN79 billion.
Premier Paints Plc is situated at KM 2, Ifo-Ibogun Road, Ifo, Ogun State. The company was incorporated on 24 August 1982 as a private family business. At incorporation, the issued share capital was 100,000 ordinary shares of 50 kobo each. The company was converted to a public quoted company and the shares were listed on the Nigerian Stock Exchange on 7 November 1995.
Trans Global Holdings Limited (TGHL), a Nigerian holding company, bought 31 percent of the shares of the Company on 12 March 2012 through a special placement thereby increasing its shareholding from 20% to 51% thus making TGHL the controlling shareholder of the Company.
The principal activity of the Company is the production and marketing of different grades of paints such as wood finishes for the furniture industry, decorative, industrial coatings and auto refinishes.
The company is owned by Chief A.G.O. Bankole with 13% stake and TGHL Capital Limited with 51% in the company.