Portland Paints and Products Nigeria Plc, a subsidiary of UAC of Nigeria Plc has announced the resignation of its Chairman, Mr. Larry Ettah with effect from 20th July 2018.
Mr. Ettah was appointed the chairman of the company in 2013 and has served in that capacity for five years.
Ettah also recently announced his resignation as the Chairman Board of Directors UACN Property Development Company and CAP Plc.
Portland Paints and Products Nigeria Plc in its financial reports for Half year 2018, posts a revenue surged from N1.06 billion in Half year 2017 to N1.43 billion in Half year 2018. Profit before tax increased from N18 million in half year 2017 to N130 million in half year 2018.
UAC of Nigeria Plc has outlined strategic plans that are expected to drive growth while addressing the issue of dwindling profitability, which has plagued the company in recent years.
According to the company, the proposed strategies will focus on important areas such as capital allocation, human capital development, portfolio composition, as well as the reinforcement of accountability and responsibility.
UACN’s revenue has maintained relative consistency, even though profitability has been on the decline. For example, turnover for the year ended December 2017 stood at ₦89.1 billion as against ₦82.6 billion in 2016, profit declined drastically to just ₦963 million, down from ₦5.6 billion in 2016.
UAC of Nigeria Plc is one of the oldest corporate entities in Nigeria. It has a diversified operation, with investments in the FMCG market, real estate, paint production, logistics etc.