Prime Business Africa
There were changes in the market share of the paint industry in the first half (H1) of 2026, with one company recording a decline, two raising theirs and one producer’s share remaining static, according to Prime Business Africa’s (PBA) analysis.
In the first half of this year, the industry’s revenue, based on the turnover of Chemical and Allied Products (CAP), Meyer, Berger Paints, and Premier Paints, had increased by 12.29 percent year-on-year.
Join our WhatsApp ChannelThe four companies, which are the only paint manufacturers listed on the Nigerian Exchange (NGX), generated N31.78 billion in revenue in H1 2026, surpassing the N28.31 billion grossed in the same period in 2025.
To make their products available in the market during the period under review, the paint producers incurred N9.17 billion in cost of sales, up by 15.92 percent when compared to the N7.91 billion expended in H1 last year.
How Paint Companies Performed In H1 2026
CAP
Chemical and Allied Products generated N22.41 billion in revenue in the first half of this year, exceeding the N20.09 billion generated between January and June 2025.
- With the company’s turnover rising by 12 percent, the second lowest growth in the industry, CAP’s market share decreased to 70.50 percent at the end of June, dropping from the 70.97 percent recorded in H1 of the previous year.
- Regardless, the company retained its position as the market leader.
- Further analysis showed that during the period under review, CAP’s cost of sales had increased faster than revenue, with the former rising by 20 percent to N3.81 billion in H1 2026, above the N3.17 billion incurred in H1 2025.
- However, this did not impact the company’s pretax profit negatively, as it surged by 18 percent to N4.44 billion in the first six months of this year, surpassing the N3.77 billion posted in the corresponding period the year before.
Berger Paints
Berger Paints saw its market share in the industry rise to 21.91 percent by the end of the first half of 2026, surpassing the 21.76 percent recorded in H1 2025, after its revenue grew by 13 percent year-on-year.
- According to the company’s financials, Berger Paints, which holds the second-largest market share, generated N6.96 billion between the first quarter (Q1) and the second quarter (Q2) of 2026, compared to the N6.15 billion recorded in H1 2025.
- To generate this revenue, the paint manufacturer spent N3.84 billion on cost of sales in the first six months of this year, raising its production expenses by 11.82 percent from the N3.43 billion expended in the same period last year.
- After factoring in its operational expenses and earnings, Berger Paints recorded a 27 percent year-on-year increase in its profit before tax (PBT), which jumped from N945.82 million to N1.20 billion.
Meyer
Meyer maintained its position as the company with the third-largest market share in the paint industry, after its market share surged to 7.47 percent during the period under review, up from 7.15 percent achieved in H1 2025.
- This was driven by a 17.33 percent growth in its revenue, the highest in the sector, with turnover reaching N2.37 billion in the first half of this year, surpassing the N2.02 billion generated in the corresponding period last year.
- It was gathered that cost of sales gulped N1.48 billion in the first and second quarters in 2026, compared to the N1.27 billion incurred in the same period in 2025, indicating a 16.58 percent increase.
- Also, profit before tax increased by 15.56 percent to N448.84 million in the first half of 2026, above the N388.39 million recorded between January and June of the previous year.
Premier Paints
Premier Paints was the only company to record no change in its market share, which stood at 0.12 percent at the end of the first half of 2026, the same share held at the end of June last year.
- This was due to the company recording the lowest revenue growth, as turnover grew by 8.65 percent to N37.50 million in H1 2026, rising above the N34.51 million in the corresponding period in 2025.
- The company also saw an increase in cost of sales, after it gulped N31.20 million in the first six months of this year, compared to the N26.32 million reported in H1 2025, reflecting an 18.56 percent growth.
- With cost of sales outstripping revenue, Premier Paints suffered an N8.06 million pretax loss in the first half of 2026, failing to replicate the N1.20 million profit before tax recorded in the same period the previous year.
Meanwhile, Premier Paints had the best-performing shares in the industry in the first quarter of this year, ahead of Berger Paints, CAP and Meyer.
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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.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
