By Alex C
Portland Paints and Products Nigeria plc has returned to profitability in the financial year ended December 31, 2013 posting a Profit After Tax of N107.5 million in 2013 as against a loss of N222.7 million in 2012.
The company also recorded bottom-line growth of 148% with operational profit growing to N224.4 million in 2013 from a loss position of N130.8 million in 2012.
Speaking at the company’s Annual General Meeting, Larry Ettah, chairman, Portland Paints and Products Nigeria plc attributed the turnaround in the fortunes of the firm to successful implementation of innovation and proactive policies.
While acknowledging that the Nigerian economy faced enormous socio-economic challenges in 2013, Ettah point out that the company was able to successfully weather the storm and post an impressive result.
According to Ettah :“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.”
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