Portland Paints Records N115m Loss as Revenues Slump

Portland Paints a diversified paint-manufacturing company has recorded a loss of N115 million for the 9 months’ period to September 2020, as revenues slumped.

The paint maker headquartered at Assbifi Road Alausa, Ikeja, Lagos Nigeria saw revenue from contracts with customer’s slide by 38.6 percent to N1.22 billion, compared to N1.99 billion in 2019.

This largely led to a loss at the bottom-line compared to a profit of N96 million reported in 2019.

Portland Paints stock has returned -9 percent in the past one year.