By Ololade Julianah, Lagos
After a period of re-engineering and re-adjustment, one of Nigeria’s leading paints makers, DN Meyer is moving gradually and steadily toward profitability as the company has posted a profit of N52.860 million in its full year financial result ended December 2015 from a loss of N36.575 million reported in the comparable period of 2014.
Revenue for the period stood at N1.187 billion from N1.340 billion posted in 2014, cost of sales for the period under review dropped to N681.853 from N747.861 million, while gross profit slipped to N505.383 million from N592.243 million.
Other operating income rose to N199.049 million from N14.084 million, profit from operating activities grew from N72.007 million to N151.010 million, finance income stood at N1.850 million from N12.172 million, while profit before taxation rose significantly to N60.459 million from a loss of N37.362 million.
However, total comprehensive income for the year rose to N52.860 million from a loss of N44.225 million, while basic earnings per share rose to 0.18 kobo from a loss of 0.15 kobo.
In a chat with correspondent, the Chairman of the company, Sir Remi Omotoso, said the result is the outcome of the determination of the board and management of the company to keep it afloat and to transform it into a veritable profit making venture for its teeming shareholder-base.
Omotoso, a former Chief Executive Officer of Odu’a Investment, a conglomerate now owned by six south west states, said the company is on track for profitability and it will remain resolute and focused in this regard.
His words: “What we have achieved is by dint of hard work and we are hopeful that with what we have set out to do, the company will regain full profitability that it was known for and this will be for the benefit of our shareholders”.