Chemical and Allied profit fell by 5% on weaker demands in 2016

Akzonobel

If you want to know how bad 2016 was for the Nigerian economy, the result of Chemical and allied products plc is a strong pointer to how a weak demand impacted the economy.

Chemical and allied products plc revenue fell to NGN6.8 billion compared to NGN7.0 billion recorded in 2015. Despite weaker earnings, cost of sales rose to NGN3.5 billion against NGN3.4 billion recorded in 2015.

The company’s gross profit fell to NGN3.3 billion in its financial report for 2016 compared to NGN3.5 billion posted same period 2015.

The company’s operating profit for the period also fell to NGN2.1 billion compared to NGN2.3 billion recorded in 2015.

Chemical and allied recorded NGN2.2 billion as profit before taxation in 2016 in contrast to NGN2.5 billion recorded in 2015.

After all deductions and expenses removed,  the company booked NGN1.6 billion as profit for the year against NGN1.7 billion recorded in 2015, which represents 5% fall on year on year comparison .

The company acquired total assets of  NGN4.9 billion in the year in review compared to NG 3.4 billion recorded in 2015. It’s total liabilities for the period was NGN2.6 billion compared to NGN1.8 billion recorded in the financial year 2015.

To learn more about this result, click here>>>

Leave a Reply

Your email address will not be published. Required fields are marked *