Premier Paints’ annual loss widens by 85%

Premier Paints Plc has said its loss after tax widened by 85.08 percent to N30.63 million in 2020, compared to the previous year.

The company, however, saw its profit before tax narrowed to N30.18 million last year from N72.22 million in 2019, according to its financial statements.

Its revenue fell to N91.91 million from N131.71 million amid the impact of the COVID-19 pandemic.

Premier Paints said its directors did not recommend the payment of dividend for the year ended Dec. 31, 2020.

It said the inherent effect of the pandemic on its business activities was loss of revenue amidst rising fixed costs due to inflationary pressure, currency devaluation and stoppage of production.

“These notwithstanding, the strategy architecture of the company is adaptable such that the applicability of the going concern is not threatened,” the company added.