Premier Paints posts NGN33 million loss in 2016

Akzonobel

Premier Paints PLC said has just reported a net loss of NGN33 million for the full year of 2016 compared to NGN27 million profit for the same period in 2016.

Total revenue for the full year slightly rose to NGN281 million versus NGN236 million for the full year of 2015.

The company reported a loss before taxation NGN32 million versus NGN50 million loss for the same period in 2015. Total asset at the end of the period was NGN255 million compared 269 million in 2015.

Liabilities for the period is threading in a negative territory at NGN327 million compared NGN315 million posted in 2015.

Premier Paints is a paint and coating company with Chief A.G.O. Bankole 13% stake in the company while TGHL Capital Limited holds 51% stake in the company.

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 theNigerian 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.