New Telegraph

Meyer reports N9.3m loss in H1’21

Meyer Plc, one of the Nigerian paints manufacturing firms, has reported a loss after tax of N9.3326 million for the half year ended June 30, 2021 as against a loss after tax of N60.731 million in 2020. However, revenue for the period grew by 23.22 per cent to N485.461 million from N393.965 million in 2020.

Cost of sales stood at N331.462 million in 2021 from N252.860 million recorded the previous year. Following N1.781 billion profits realised from the disposal of the company’s building, the paint firm ended the 2020 financial year with a profit after tax of N1.118 billion from a loss after tax of N13.598 billion in 2019. The group’s profit before tax stood at N1.638 billion from a loss before tax of N7.176 billion in 2019. However, the group’s revenue declined by 25 per cent to N827.599 million in 2020 from N1.106 billion in 2019.

Speaking at an annual general meeting, the Chairman of the company, Mr. Kayode Falowo, had said that the year was indeed a very tough year for group as a business. “Although the year started on a bright note, leveraging the good performance of the previous year, by half-year, the business started to record a downturn that lingered till end of the year.

“The challenges the business faced were both external and internal in nature and these significantly impacted our performance as a business. “We struggled to gather some momentum in the last two months of the year but obviously, that was not good enough to bring about the desired change in the fortune of the business. “The forex impact in terms of availability, accessibility and exchange rate was huge and significantly affected our business, as almost 90 per cent of our raw materials are imported.

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