Chellarams Declares 46.3 Million Net Loss In Q3

Chellarams PLC

Chellarams PLC said it made a net loss of NGN46,3 million for the third quarter of the year. This is a huge drop even when it made a net profit of NGN86,2 million last year.

Gross revenue for the period crashed to NGN1,6 billion compared to NGN5,3 billion recorded in the previous year. The company has cut down its cost of sales to NGN1,1 billion versus NGN4,2 billion expended last year.

The result shows that the company has not made a loss for the past two year and could be in the current state as a result of the economic downturn in Nigeria.

Chellarams started operations in 1923 and was incorporated on 13th August, 1947 as a Private Limited Liability Company. The company became a Public Limited Liability Company and was admitted to the Nigerian Stock Exchange on 29th November, 1974. It became officially listed in the Nigerian Stock Exchange in 1978.

The company’s trading operations are segmented into two separate divisions – Industrial raw materials and consumer products. The current portfolio of products within these two divisions comprise of Industrial Chemicals, Machinery, Ingredients for Food manufacturers, Frozen foods, Bicycles and Electronics.

Chellarams Plc has three subsidiary companies – Chelltek Industries Ltd, Dynamic Industries Ltd and United Technical & Allied Services Ltd and joint venture partnerships with – American Express Travel Services, Devyani International (Nig) Ltd, Isolo Power Gen Ltd and Woolworths Retail Stores Ltd.

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