Portland Paints and Products Nigeria plc has recorded another year of impressive business performance as bottom-line growth hit 159 percent, from a profit-after-tax of N57.3m in 2013 to a profit-after-tax of N148.6m in 2014. During the period under review, Operational Profit also grew from N174.3m in 2013 to N304.5m.
Addressing the shareholders at the company’s Annual General Meeting held Tuesday in Lagos, Larry Ettah, chairman, Portland Paints and Products Nigeria plc, explained that “for strategic reasons, the board is not recommending the payment of dividend for the year ended 31st December, 2014 but hoped that with the company’s improved performance, this may not be a challenge anymore.”
Justifying the need to reposition the company for improved performance into the future, Ettah said: “Consequently, we are realigning our portfolio and making strategic shifts where necessary. We will continue to focus on innovation and seek opportunities to introduce new offerings into our portfolio of brands as well as build capacity in our people.
“In pursuit of plans to improve returns and address the high leverage position of the company and our other business expansion plans, the Board has recommended for your approval a capital raise by way of Rights Issue. The Board will therefore be glad to have your kind
