Irrespective of the challenges bedevilling the Nigerian paint industry, Portland Paints and Products Nigeria Limited has continued to dwarf competitors in terms of performance, while producing high quality decorative and industrial paints, Sandtex paints, among other products.
Portland Paints also makes industrial paints, including wood finishes, auto refinishes, bright aluminium paints, red oxide primer, among others. Findings have shown that the firm’s Hempel Marine and protective coatings have the capacity to protect industrial structures and essential infrastructure.
The Nigerian paint industry is haunted by import and low patronage, but Portland Paints has succeeded in weathering the storm by making an impressive statement by year-end 2013.
Analysts say its year-end impressive bottom-line performance cannot be detached from its diversity to the supply of Crown Paints from the United Kingdom, as well as bathroom products supply.
The company returned to profitability, from a loss of N222.7 million in 2012 to profit after tax of N107.5 million in 2013. The company recorded bottom-line growth of 148 percent. Hence operational profit grew to N224.4 million in 2013, from a loss position of N130.8 million in 2012.
‘’The Nigerian economy faced enormous socio-economic challenges in 2013, however, as shown in this report, the company was able to successfully weather the storm and post an impressive result,” Larry Ettah, chairman, Portland Paints and Products Nigeria plc.
“For our company, we are poised to reap the benefits of the current investments in the business. The company will continue to implement its strategies for the enhancement of its service delivery through the restructuring of its operations and, in particular, the route to the market and focus on areas of its core competencies, enforcement of procedures and processes in tandem with the group’s policies,’’ he said.