Crown Paints Kenya Plc, a listed paints and coats manufacturer, slid into a net loss of KSh 29 million in 2023 from a net profit of KSh 824 million in 2022.
Crown Paints turnover for the year grew to KSh 12.5 billion from KSh 11.4 billion in 2022 while comprehensive income declined from KSh 829 million in 2022 to KSh 19 million in 2023.The Group’s Pre-Tax Profit fell to KSh 14 million from KSh 1.1 billion for the year ended 31 December 2022.Crown Paints Kenya’s Balance Sheet size increased marginally from KSh 9.2 billion in 2022 to KSh 9.3 billion in 2023 while revenue from contracts with customers increased from KSh 11.4 billion in 2022 to KSh 12.5 billion in 2023.
“During 2023, despite the growth in Kenya’s economy, this did not translate into similar performance in the manufacturing sector due to macroeconomic conditions. This resulted in among others elevated cost of living, and exchange rate pressures within Kenya aggravated by global economic uncertainties,” said Crown Paints Board of Directors in a statement, “The outlook for 2024 is positive and we remain optimistic that the business will navigate the business challenges experienced in 2023.”
Shareholders of the manufacturing firm will not receive any dividends for the year compared to KSh 4 per share paid out in 2022. Established in 1958, Crown Paints Kenya Plc is listed on the Nairobi Stock Exchange (NSE) and has regional operations in Uganda, Tanzania, and Rwanda.
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