Premier Paints PLC, a major manufacturer of paints and coatings said its net loss for the first quarter of the year was NGN21.6 million compared to NGN1.6 million net profit recorded same period financial year 2016.
The company reported a decrease, in turn, over to NGN37.6 million compared to NGN106.2 million reported in the previous year while costs of sales was NGN30.9 million from NGN68.0 million posted in 2016.
Premier paints gross profit declined to NGN6.4 million in the period in review from NGN38.2 million reported in the fiscal year 2016 while operating loss was NGN15.7 million against NGN7.0 million profit posted in the year before.
Premier paints plc recorded NGN309.1 million total assets in q1 2017 compared to NGN318.5 million in the year before while total liabilities was NGN343.7 million versus NGN355.3 million in 2016.
Corporate information
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.
