Crown Paints posts Sh824 million profit

Crown Paints’ full-year profit for the fiscal year ended December 2022 has increased to Kes824 million from Kes731 million as turnover surged to close at Kes11.4 billion from Kes10.7 billion a year earlier.

The growth in profitability has allowed the regional manufacturer to match its Kes4 dividend per share payout. Crown Paints has nevertheless cited exchange rate volatility and high cost of raw materials as limitations faced in the reporting period to December 2022.

“The weakening of the Kenyan Shilling against the US Dollar and other major world currencies made it more expensive to import raw materials, and this, in turn, impacted the cost of production,” the paint maker said.