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Meyer Plc: Decrease in paint sales depletes revenues

Meyer Plc recorded decreased revenues in its two revenue generating units, as total revenues dipped.

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Meyer paints, Meyer Plc appoints new Chief Financial Officer, Meyer appoints Rotimi Alashe, FIRS shutdown Meyer Ikeja Paint Factory

Meyer Plc reported revenues of N566.51 million in 2020 (YTD) compared to N858.32 million in the corresponding period of 2019. 

READ: Dangote Sugar Refinery: Revenue soars amid rising cost of sales

 Key highlights for 2020 9M 

  • Total revenues declined to N566.51 million, –33.99% YoY. 
  • Revenues from paints declined to N551.99 million, –32.69% YoY.
  • Revenues from application of paints declined to N14.53 million, –62.00% YoY.  
  • Cost of sales declined to N360.41 million, -35.93% YoY. 
  • Gross profits declined to N206.10 million, -30.33% YoY. 
  • Other operating income increased to N25.75 million, +110.09% YoY. 
  • Pre-tax loss increased to N98.23 million, +218.45% YoY. 
  • Earnings Per Share increased to -20.20 kobo +195.32% YoY. 

READ: PZ Cussons suffers a pre-tax loss of N7.984 billion in 2020

Bottom Line

Meyer Plc recorded decreased revenues in its two revenue-generating units – paint sales and application of paint. 

Companies have generally recorded decreased revenues in the last three quarters mostly due to the negative impacts of COVID-19 on businesses worldwideMeyer Plc was unable to grow its revenue in the period under consideration.

READ: FBN Holdings declares a Profit after Tax of N25.7 billion in Q1 2020

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The pre-tax loss also increased in the period under consideration despite a reduction in the cost of sales and an increase in other operating income.  

Adeyemi holds a PhD in Accounting Sciences. He has worked in the Educational Sector and as an Independent Consultant.

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Company Results

Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results

Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

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Focus: This small-cap oil company is seriously lagging behind

Rak Unity Petroleum Company Plc released its 2021 FY results reporting total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

  • Operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY
  • The company reported a loss after tax of N63.02 million in 2020 compared to N14.52 million loss after tax in 2019.
  • It reported a loss per share of N1.11  in 2020 compared to N0.26 loss per share reported in 2019.
  • No dividend announcement was made in their press release.
  • The company share price of N0.30 unchanged YTD.

See link to results here

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Company Results

Conoil posts 23% post-tax profit decline in 2020 FY results

Conoil Plc reported a revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.

Published

on

Conoil Plc released its 2021 FY results reporting revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.  

  • Operating expenses during the year was N7.64 billion in 2020 compared to N9.68 billion in 2019. 20.9% YoY 
  • The company reported a profit after tax of N1.52 billion in 2020 compared to N1.97 billion in 2019. –22.97% cut YoY.  
  • It reported an earnings per share of 219 kobo in 2020 compared to 284 kobo earnings per share reported in 2019. 22.89% YoY. 
  •  No dividend announcement was made in their press release. 
  • The company share price of N20.85, up +0.72% YTD. 

See link to results here

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