Modupe Gbadeyanka
By Modupe Gbadeyanka
The board of directors of Premier Paints Plc has disclosed that it would not be recommending payment of dividend to shareholders of the firm for 2016 following a loss declared in the year ended December 31, 2016.
The company, in its financial statements released to the Nigerian Stock Exchange (NSE), said it recorded a loss of N33.6 million in the period under review.
“The directors, in submitting to the shareholders the financial statements for the year ended 31 December 2016, do not recommend the payment of dividend (to shareholders),” it said in the financial results seen by Business Post.
In 2015, Premier Paints also did not pay dividend to its shareholders.
It was observed that the firm posted a growth in its 2016 revenue when compared with the previous year.
In 2015, the company raked N236.4 million as total turnover, but it increased to N281.8 million 12 months later.
However, it declared a loss before tax of N32.2 million in the year under review versus N50.8 million, while the loss after tax stood at N33.6 million as at December 31, 2016 in contrast to N29.5 million in December 2015.
