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Portland Paints Revenue Hits N 2.5 billion, Proposes 20 kobo Dividend in 2011 Earnings

By on April 12, 2012

Portland Paints a major distributor of building materials in the country has released its 2011 audited financial statements.

The company reported an 8.6% growth in revenue at N 2.5 billion from N 2.38 billion in 2010.

Profit before tax also appreciated 11.4% to N 274 million from N 246 million in 2010.

Net income also rose 19.2% to N 156 million from N 131 million in 2010.

The company grew its fixed assets by 158.9% at N633 million from n 244 million in 2010.

The directors have proposed a dividend of 20 kobo, and the company will hold its Annual General Meeting on the 8th of June at the Sheraton in Ikeja.