Prime Business AfricaThe revenue of Meyer Paints increased by 73.75 percent to N1.09 billion in the first quarter (Q1) of 2025, up from N629.74 million reported in the same period in 2024.
Meyer announced the turnover in its consolidated and separate financial statements for the period ended March 31, 2025.
Join our WhatsApp ChannelIn the earnings report, Meyer reported that it spent N678.46 million to manufacture its products in Q1 this year, compared to N463 million in the first quarter of 2024.
Despite the 46.53 per cent increase in the cost of production, Meyer recorded a 149.34 per cent year-on-year increase in its gross profit, which rose from N166.73 million to N415.75 million.
However, other operating income declined by 74.95 percent to N3.6 million during the period under review, from N14.39 million in the corresponding period last year.
Also, Meyer saw a 30.22 per cent year-on-year increase in its selling and distribution expenses, which rose from N78.91 million to N102.76 million and a 26.52 per cent increase in Administrative expenses, as it grew from N117.92 million to N149.19 million.
Nevertheless, Meyer was able to exit the N15.70 million operating loss recorded in Q1 2024 after recording N167.40 million operating profit in Q1 2025.
The paint producer also recorded a 89.73 per cent year-on-year increase in net finance income, following a decline in finance cost, resulting in a N83.07 million net finance income in Q1 this year, compared to N43.78 million in the same period last year.
This further boosted Meyer’s bottom line, as profit before tax (PBT) grew significantly by 791.93 per cent year-on-year, from N28.08 million to N250.47 million.
However, tax income also increased threefold, up from N9,40 million in the first quarter of 2024 to N83,92 million in Q1 this year – indicating a 792.18 per cent increase.
Similarly, profit after tax (PAT) grew by 791.85 per cent year-on-year from N18.67 million to N166.54 million.
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