Crown Paints Kenya Plc, a listed paints and coats manufacturer (Ticker: CRWN), posted a KSh 75 million profit for the first 6 months to June 2024, a 103 percent jump from KSh 37 million in the first half of 2023.
The surge in profits is partly attributed to the stronger Kenyan shilling leading to an easing cost of production coupled with higher revenues.
The group’s revenue grew by 10 percent to KSh 6.2 billion in H1 2024 from KSh 5.6 billion in H1 2023 pointing to increased demand while pre-tax profits rose to KSh 147 million compared to KSh 74 million in the same period 2023.
Established in 1958, Crown Paints is headquartered in Kenya with operations in Uganda, Burundi, South Sudan, Congo and Rwanda. Its subsidiaries include Crown Berger Allied Industries Limited and Crown Buildings and Products Limited (Uganda).
In 2023, the company made a net loss of KSh 29 million for the full year from a net profit of KSh 824 million in 2022. At the time, the company said it was hopeful its fortunes would turn in 2024, although it acknowledged the lingering macroeconomic pressures and exchange rate fluctuations.
CRWN closed yesterday’s trading session at KSh 33.00, a year to date loss of 7.4 percent. The board of directors did not recommend an interim dividend to shareholders for the half year.