Meyer Cost of Sales Dwarf Profit in the Nine Months Ended September 30, 2021

Meyer Plc, one of Nigeria’s manufacturers and marketers of high-quality Paints, continue to struggle in the first nine months ended September 30, 2021.

In the company’s unaudited financial statements filed with the Nigerian Exchange Limited (NGX) and seen by Investors King on Friday, Meyer grew revenue by 34 percent from N566.511 million recorded in the first nine months of 2020 to N759.157 million in the nine months ended September 30, 2021.

However, the company spent 66.48 percent of its revenue on sales. Cost of Sales stood at N504,702 in the period under review.

Therefore, gross profit inched slightly higher by 23.46 percent to N254.455 million, up from N206.097 million achieved in the first nine months of 2020.

Loss from operating activities moderated to -N51.694 million in the period under review from -N133.510 million posted in the corresponding period.

Profit before tax rose to N13.534 million in the first nine months of 2021, up from -N98.404 million filed in 2020 during the peak of the global pandemic. The company paid N4.060 million in taxes in the period under review.

Similarly, profit after tax improved from -N100.528 million recorded in the same period of 2020 to N9.474 million in 2021.