Addressing shareholders during the company’s 2018 yearly general meeting, in Lagos, at the weekend, the Company Chairman, Mrs Esosa Balogun, said: “Despite the ongoing challenges within the economy, your company recorded a turnover of N2.83 billion as at 31 December 2018 which represents an increase of 22 per cent over 2017 and a proﬁt after tax of N207 million. We hope to sustain this trend and further improve on the performance of the company in 2019.”
Besides, the company’s shareholders endorsed a total dividend of N39.67 million, translating to five kobo per every 50 kobo for the 2018 financial year.
“Based on the performance, the Board has recommended a dividend of N39.67 million representing 5kobo for every 50kobo ordinary share to shareholders on the Register of Members at close of business on 6 May to 10 May 2019, for consideration and approval.”
On the outlook for 2019, Balogun assured that the company will consolidate and build on the gains achieved in 2018, especially in the execution of the route-to-market strategy as well as new business development initiatives.
According to her, Portland Paints will expand its footprints in the marine and protective coatings space of the Nigerian oil and gas sector to enhance profitability.
She noted that 2018 started with a challenging operating environment, but the company navigated the diﬃcult business terrain by recovering costs through cost-reduction initiatives and improved efficiencies.
She added that bold moves were made in expanding customer base both in Marine & Protective coatings, and Sandtex categories, engaging and improving relationships with industry professionals, as well as installing Hempel mini equipment for local tinting of marine products range.
The chairman also announced changes on the Board, saying: “Mr Larry Ettah resigned from the board eﬀective July 20, 2018. Mr Abdul Bello resigned from the board effective 31 December, 2018. Mr Mukhtar Yakasai also resigned eﬀective 31 January, 2019. Mrs Esosa Balogun was appointed to the Board as a Non-Executive Director of the Board of your company.”