Prime Business AfricaMeyer Plc ended the first half (H1) of 2025 with N2.02 billion revenue, surpassing the N1.32 billion generated in the corresponding period in 2024, representing an increase of 52.74 percent.
According to the company’s unaudited interim consolidated and separate financial statements
for the period ended June 30, 2025, Meyer expended N1.27 billion on production costs, compared to the N858.49 million spent in H1 2024.
Consequently, Meyer closed H1 of this year with N748.59 million gross profit, up by 60.49 percent when compared to the N466.42 million notched up in the same period in 2024.
However, other operating income dropped by 51.06 percent to N8.55 million in the first half of 2025, falling below the N17.48 million posted in H1 last year.
Also, Meyer disclosed that selling and distribution expenses gulped N205.96 million during the period under review, compared to the N156.67 million incurred in H1 2024, indicating an increase of 31.45 percent.
Similarly, Meyer incurred N331.41 million on administrative expenses in H1 2025, against the N241,75 million spent in the first half of 2024, representing a 37.08 percent increase.
Despite the increase in administrative, selling and distribution expenses, Meyer recorded a 157.14 percent year-on-year growth in operating profit, which grew from N85.46 million to N219.77 million.
The company’s bottom line was bolstered by a 59.53 percent year-on-year growth in finance income, as it increased from N105.80 million to N168.79 million, and a 89.30 percent decrease in finance costs, which dropped from N1.68 million to N180,000.
As a result, Meyer recorded a 61.93 percent growth in net finance income, as the paint manufacturer posted N168.61 million in H1 2025, compared to the N104.12 million reported in H1 2024.
This contributed to the 104.85 percent increase in Meyer’s profit before tax (PBT), which grew to N388.39 million in the first half of 2025, exceeding the N189.59 million turned in the same period last year.
Out of the pretax profit, Meyer filed N131.15 million in taxation during the period under review, against the N63,51 million tax expense recorded in H1 2024, reflecting an increase of 106.50 percent.
Nonetheless, the company reported a threefold growth or 104.03 percent increase in its post-tax profit, as Meyer recorded N257.23 million profit after tax (PAT) in the first half of this year, surpassing the N126.07 million posted in H1 last year.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
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