Meyer Plc Quarter 2, 2021 Results

MEYER PLC DECLARED NGN485.5 MILLION REVENUE AND NGN9.3 MILLION LOSS AT THE END OF  JUNE 2021 

Meyer Plc realised NGN484.4 million from paints sales at half-year end 30th June 2021. This was equivalent to a 26.3% rise year-over-year. Revenue from painting services, however, shrank to NGN1.1 million from NGN10.5 million recorded in 2020  first half-year. Altogether, MEYER grew its total revenue by 23.2% year-over-year. Though the company declared a loss for the period under review, profitability has improved. Loss Before Tax dropped from NGN59.3 million to NGN7.5 million while Loss After Tax decreased by 84.6% in a year.

Half Year 2021 ( NGN'000)Half Year 2020 (NGN'000)% Change
Revenue485,461393,96523.2%
Profit Before Tax-7,506-59,254-87.3%
Profit After Tax-9,326-60,731-84.6%
  • Gross profit margin dropped year-over-year

The rising cost of sales to turnover ratios resulted in decrease in gross profit margins across all business segments. The gross profit margin for the whole business fell to 31.7% from 35.8% achieved a year ago. Gross profit margins for paints and painting services lost 3.8% and 16.8% respectively year-over-year.

  • Things are looking up

The three months to 30th June 2021 produced over 50% of the revenue for the half-year. This was 102.2% better than the corresponding period of last year when revenue was NGN129.6 million. Loss Before Tax in the period decreased to NGN15.6 million from the loss of NGN35.3 in quarter 2 of the previous year. Loss After Tax likewise dropped from NGN17.4 million in 2021 quarter 2 to NGN35.7 million in 2020 quarter 2. 

  • Shareholders rewarded with dividend for the half-year

A dividend of NGN1.50 per share was approved by the board of directors of MEYER.  The dividend will be paid on 25th August 2021.

 ABOUT MEYER PLC
Meyer Plc was formed in 1960 to manufacture paint products. Greenwich Capital Limited and Bosworth Investments & Services Limited have equity stakes of  31.4% and 30.9% respectively in MEYER. DNM Construction Limited is a subsidiary of the company. READ THE FULL REPORT ON MEYER PLC HERE.

 

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