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Paint manufacturer Crown Paints, posted half year profit before tax of Sh110.1 million for the period ended June 2017, a marginal growth from Sh100.9 million a year ago, citing rising costs of raw materials which is expected to hit the firm’s profitability for the remainder of the year. The growth represents a 9 per cent profit jump.
The company announced Monday half-year revenue of Sh3.70billion, a slight growth from Sh3.51billion the paint maker registered in 2016. The firm also cited the just concluded 2017 general elections as another reason to the slackened business performance.
Crown paints operations in Rwanda, Tanzania and Uganda also witnessed slow growth, with the company’s board optimistic of an improved performance in the second half of the year.