News Column

Portland Paints Returns to Profitability Changing Named

June 13, 2014

Goddy Egene

Prospects for the payment of dividends by Portland Paints and Products Nigeria Plc (PPPN) have brightened as the company has returned to profitability. PPPN, which is a member of the UAC Nigeria Plc Group, recovered from a loss of N223 million in 2012 to a profit of N108 million in 2013.

Addressing the shareholders at the Annual General Meeting of the company in Lagos yesterday, Chairman of PPPN, Mr Larry Ettah, attributed the turnaround in the fortune of the business to successful implementation of innovation and proactive policies.

"The Nigerian economy faced enormous socio-economic challenges in 2013; however, as shown in this report, your company was able to successfully weather the storm and post an impressive result," he said.

According to him, the company will continue to implement its strategies for the enhancement of service delivery and reposition for growth and better performance in the current year and beyond.

"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.

"These initiatives have re-positioned our company for sustainable growth and improved performance in 2014 and in the years ahead," Ettah said.

Speaking on the business environment in 2013, he said the security challenges in the northern part of the country with the attendant consequences of loss of lives and properties, domestic constraints such as increasing oil theft and piracy, depletion of fiscal buffers, dwindling foreign reserves, erratic supply of electricity and poor infrastructure, made the business operating environment difficult.

According to Ettah, as the country moved closer to the forthcoming elections in 2015, he urged political representatives and policy makers to ensure that their activities impacted positively on the business environment.

Although most analysts expect foreign reserves to decline marginally, due to the CBN's strategy of using the external reserve to stabilise the naira and the likelihood of modest currency depreciation, he expressed optimism of the growth prospect of the economy in the medium term.

This he said is due to the likelihood of continued sustenance of the federal government's reforms in the power, transportation and agriculture sectors of the economy.

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Source: AllAfrica

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