Berger Paints Profit After Tax Drops by 21% in Q1 2020

• Berger Paints Announces a Decline of 21% in Profit After Tax for Q1 2020

Berger Paints Plc on Monday reported an impressive 35 percent increase in sales revenue from N797.622 million to N1.078 billion in the first quarter ended March 31, 2020.

The company grew gross profit by 21 percent from N380.991 million filed in the same period of 2019 to N461.068 million.

However, operating profit declined by 5 percent to N117.042, down from N123.638 million reported in the first quarter of 2019.

Also, profit before tax declined by 21 percent to N97,793 million from N124.166 million recorded in the corresponding quarter.

The company’s profit for the first quarter declined by 21 percent from N84.433 million to N66.499 million.

Berger Paints’ equity expanded by 8 percent from N2.897 billion to N3.139 billion.

The company’s earnings per share dipped by 21 percent during the period to 23 kobo, down from 29 kobo.

Market capitalisation as at the end of the quarter contracted by 8 percent to N1.941 billion, down from N2.391 billion in the corresponding quarter.