Crown Paints held off prices to submit a Sh824 million revenue for the 12 months ended December 2022 from Sh731 million the earlier interval.
The 12.7 % progress in earnings is principally attributable to larger revenues, climbing to Sh11.4 billion from Sh10.7 billion.
Nevertheless, excessive prices trimmed the paint maker’s working revenue by 5 % to Sh1.07 billion. The producer’s tax invoice partly offset this, dropping to Sh249 million from Sh393 million.
“This is because of unfavourable international change charges, excessive price of uncooked supplies and the slowdown in financial actions throughout the 12 months. Crown Paints was not spared and the excessive price of uncooked supplies led to a rise in manufacturing prices and therefore a lower in revenue margins,” Crown Paints mentioned Thursday.
However, the producer sees the working setting bettering this 12 months.
“The board is optimistic that the enterprise of the Group will enhance in 2023 as world economies are bettering,” the corporate added.
The board of Crown Paints has beneficial a last dividend of Sh4 per share, an analogous payout in 2021.