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Higher sales, Strong Shilling lift Crown Paints half-year profit to Sh75m
The surge in profits is partly attributed to the stronger Kenyan shilling leading to an easing cost of production coupled with higher revenues.
By Phyllis MUCHOKI
Crown Paints Kenya’s half-year net profit more than doubled to Sh75 million from Sh37 million previously on increased sales.
The company’s revenues through the six months to June were up 10.7 percent to Sh6.2 billion from Sh5.6 billion to anchor the growth in profitability.
The group’s revenue grew by 10 percent to KSh 6.2 billion in H1 2024 from KSh 5.6 billion in H1 2023 pointing to increased demand while pre-tax profits rose to KSh 147 million compared to KSh 74 million in the same period 2023.
Established in 1958, Crown Paints is headquartered in Kenya with operations in Uganda, Burundi, South Sudan, Congo and Rwanda. Its subsidiaries include Crown Berger Allied Industries Limited and Crown Buildings and Products Limited (Uganda).
In 2023, the company made a net loss of KSh 29 million for the full year from a net profit of KSh 824 million in 2022. At the time, the company said it was hopeful its fortunes would turn in 2024, although it acknowledged the lingering macroeconomic pressures and exchange rate fluctuations.
CRWN closed yesterday’s trading session at KSh 33.00, a year to date loss of 7.4 percent. The board of directors did not recommend an interim dividend to shareholders for the half year.