Meyer Plc reported revenues of N566.51 million in 2020 (YTD) compared to N858.32 million in the corresponding period of 2019.
Key highlights for 2020 9M
- Total revenues declined to N566.51 million, –33.99% YoY.
- Revenues from paints declined to N551.99 million, –32.69% YoY.
- Revenues from application of paints declined to N14.53 million, –62.00% YoY.
- Cost of sales declined to N360.41 million, -35.93% YoY.
- Gross profits declined to N206.10 million, -30.33% YoY.
- Other operating income increased to N25.75 million, +110.09% YoY.
- Pre-tax loss increased to N98.23 million, +218.45% YoY.
- Earnings Per Share increased to -20.20 kobo +195.32% YoY.
Meyer Plc recorded decreased revenues in its two revenue-generating units – paint sales and application of paint.
Companies have generally recorded decreased revenues in the last three quarters mostly due to the negative impacts of COVID-19 on businesses worldwide. Meyer Plc was unable to grow its revenue in the period under consideration.
The pre-tax loss also increased in the period under consideration despite a reduction in the cost of sales and an increase in other operating income.