Paints and Coatings profit fell by 37% in Q1


Paints and Coatings manufacturers Nig plc ended the first quarter 2017 with NGN888.1 million revenue compared to NGN716.4 million recorded in the same period 2016.

Its costs of sales for the period was NGN571.4 million against NGN454.2 million recorded in 2016.

The company recorded NGN316.7 million gross profit in contrast to NGN262.2 million recorded in the previous year. Its operating profit for the period was NGN7.6 million against NGN20.5 million recorded in fiscal 2016.

Paints and Coatings said its profit before tax in the year in review was NGN16.5 million against NGN26.2 million recorded in the year before.

After deducting its tax for the period, its profit for the year fell by 37% to NGN11.2 million in contrast to NGN17.8 million recorded in 2016.

Paints and coatings manufacturer acquired NGN2.6 trillion assets in q1 2017 compared to NGN2.4 trillion acquired in 2016 whilst its total liabilities was NGN889.8 billion versus NGN641.9 billion recorded in 2016.

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