posted a net profit of N2.1 billion for 2022, reflecting a rise of 86 per cent compared to one year earlier, its unaudited financials issued on Friday showed.
The jump derived from an improvement in revenue, which grew 35.2 per cent to N19.2 billion, almost entirely contributed by the company’s primary income source: the sale of paint products. Also, finance income fell 7.3 per cent to N167.3 million, taking a blow from less interest income on short-term bank deposits., incurred N11.6 billion in cost of sales, 20 per cent more than a year earlier, while selling & marketing expenses soared almost twofold to N1.9 billion.
Finance cost, which refers to expenses incurred by the company while borrowing funds, increased 340.7 per cent to N33.6 million.
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