Par Value: 5/-
Closing Price: 32.00
Total Shares Issued: 71181000.00
Market Capitalization: 2,277,792,000
EPS: 8.42
PE: 3.800
Crown Paints reports H1 2021 Earnings versus H1 2020
HY 2021 Revenue from contracts with Customers 4.914b versus 3.930b +25%
HY Profit before Tax 503m versus 346m
HY Profit after Tax 339m versus 253m
HY Cash and cash Equivalents 86m versus 304m
Diluted Earnings per share 2.69 versus 2.27
BUSINESS COMMENTARY
During the half year ended 30th June 2021, the increased uptake of our product has seen Group revenue grow by 25% compared to a growth of 10% for the comparable June period in 2020.
The covid 19 containment measures continue to negatively impact the cost of production as we have witnessed an increase in the cost of raw materials and transport cost.
This impact remains a challenge to the business as it puts pressure on the profitability of our products and cashflow.
The Group hopes that the strengths of our brand, our network of stakeholders and the loyalty of our customers continues to yield better returns for the business and this is hoped to remain into the foreseable future.
@CrownPaintsPLC H1 2021 results: @MwangoCapital
https://twitter.com/MwangoCapital/status/1431512679626285057?s=20
Total assets Ksh 6.58B
Revenue up 25%
PBT up 45.4% to Ksh 503M
PAT up 34% to Ksh 339M
No interim dividend
Crown Paints reports FY Earnings through 31st Dec 2020 versus 31st Dec 2019
FY Revenue 9.191704b versus 8.603652b +7%
FY Profit before Tax 862.886m versus 527.974m +63%
FY Profit after Tax 599.505m versus 323.023m
FY EPS 8.42 versus 4.54
Cash and Cash Equivalents at end of year 303.848m versus 389.243m
Crown Paints [@CrownPaintsPLC] 2020 results are finally here: @MwangoCapital
https://twitter.com/MwangoCapital/status/1402109498442096640?s=20
Revenues up 7% [2019: up 3%]
Profit before tax up 63% [2019: up 33%]
Profit after tax up 85.6%
No dividend
Conclusions
They are undertaking a Rights Issue
Crown Paints Kenya PLC H1 2019 results through 30th June 2019 vs. 30th June 2018
H1 Revenue 4.373146b vs. 3.877955b +12.769%
H1 Profit before tax 106.419m vs. 90.353m +17.781%
H1 Tax Expense [77.171m] vs. [49.652m] +55.424%
H1 Profit for the year 29.248m vs. 40.701m -28.139%
H1 Basic and diluted EPS 0.41 vs. 0.57 -28.070%
Cash and cash equivalents at the end of the year 183.381m
Total Assets 4.470366b
Equity 1.056108b
NOTES TO INTERIM FINANCIAL STATEMENTS
The same accounting policies and methods of computation are followed in the interim statements as compared to the most recent annual financial statements.
BUSINESS COMMENTARY
Group revenue has increased by 13% compared to the same period in 2018.
Profit before tax increased by 18% compared to corresponding period of 2018.
DIVIDEND
The Board of Directors does not recommend payment of an interim dividend.
By Order of the Board
Conrad Nyukuri,
Company secretary
21st August 2019
Crown Paints Kenya PLC FY 2018 results through 31st December 2018 vs. 31st December 2017
Total Assets 5.475693b vs. 5.871607b -6.743%
Equity 1.026860b vs. 1.757616b -41.577%
FY Revenue 8.315910b vs. 7.351326b +13.121%
FY Profit before tax 395.935m vs. 398.129m -0.551%
FY Profit for the year 183.813m vs. 223.294m -17.681%
FY Other comprehensive income [9.293m] vs. 6.371m -245.864%
Basic and diluted EPS 2.58 vs. 3.14 -17.834%
Cash and cash equivalents at the end of the year 332.264m vs. [114.676m] +389.742%
Final dividend 0.60 vs. 0.60
DIRECTORS REVIEW
For the year ended 31 December 2018, revenues during the year 2018 grew by 13% (965 million) in comparison with a 0.05% (3.8 million) for the year 2017.
However, the profit before tax during 2018 dropped by 1% (2 Million) when compared to a 46% (126 Million) growth during 2017.
In Kenya, we had a stable economic growth, as the countrys economy recovered from the effects of the year 2017 slowed down economic growth because of the prolonged election period.
As a result, the business environment improved as political stability and business confidence increased which has seen an increase in output from the real estate and manufacturing sectors.
On the regional scenario, the Group fortunes were not the same. In Rwanda and Uganda, the political environment did not lead to a revamp in market activity especially in the construction sector.
In Tanzania, the market faced the risks of slower growth due to uncertainty in the business environment, hence, profitability for the group remained under pressure.
Despite all the above the Groups 2018 performance improved as the directors continued to manage the cost of doing business in line with the revenues generated.
Profit before tax for 2018 dropped to KShs. 396 Million (2017 398 Million). The Board of Directors remain optimistic on the performance for 2019 and will undertake the necessary initiatives to ensure that the company remains profitable whilst caring for the environment and the community.
DIVIDEND
The Board of Directors has recommended a final dividend of KShs. 0.60 for 2018 (KShs. 0.60 in 2017) per share.
Crown Paints H1 2018 results through 30th June 2018 vs. 30th June 2017
H1 Revenue 3.877955b vs. 3.700803b +4.787%
H1 Profit before tax 90.353m vs. 110.131m -17.959%
H1 Profit for the year 40.701m vs. 60.462m -32.683%
H1 Basic and diluted EPS 0.57 vs. 0.85 -32.941%
Cash and cash equivalents at the end of the year [79.412m]
Total Assets 4.625924b
Equity 825.843m
See attached Note here re decrease of retained Earnings by 972m
http:///2wp85p4
Crown Paints FY 2017 results through 31st December 2017 vs. 31st December 2016
Total Assets 5.871607b vs. 5.059029b +16.062%
Equity 1.757616b vs. 1.562116b +12.515%
FY Revenue 7.351326b vs. 7.347557b +0.051%
FY Profit before tax 398.129m vs. 272.043m +46.348%
FY Profit for the year 223.294m vs. 131.796m +69.424%
FY Other comprehensive income 6.371m vs. 101.630m -93.731%
Basic and diluted EPS 3.14 vs. 1.85 +69.730%
Cash and cash equivalents at the end of the year [114.676m] vs. 71.258m -260.931%
Final dividend 0.60 vs. 0.60
Company commentary
Paint Sector experienced low growth which led to stiff competition
Tanzania foreign investment and as well as domestic market sentiments that are quite negative to business.
Conclusions
Strong results theconext of a +0.051% Year on Year Revenue expansion.
Crown Paints FY 2016 results through 31st December 2016 vs. 31st December 2015
FY Revenue 7.347557b vs. 6.737108b +9.061%
FY Profit before tax 272.043m vs. 216.697m +25.541%
FY Profit for the year 131.796m vs. 30.748m +328.633%
Basic and diluted EPS 1.85 vs. 0.43 +330.233%
Total Assets 5.052091b vs. 4.539148b +11.300%
Equity 1.562116b vs. 1.352782b +15.474%
Cash and cash equivalents at the end of the year 88.062m vs. [52.373m] +268.147%
Dividends per share 0.60 vs. 0.60
Number of shares outstanding 71,181,000
Company Commentary
an 18% FY Turnover Gain
Conclusions
Maybe Sadolin Paints was the wrong Target.
Crown Paints reports H1 16 Earnings
Crown Paints FY 2016 results through 31st December 2016 vs. 31st December 2015
FY Revenue 7.347557b vs. 6.737108b +9.061%
FY Profit before tax 272.043m vs. 216.697m +25.541%
FY Profit for the year 131.796m vs. 30.748m +328.633%
Basic and diluted EPS 1.85 vs. 0.43 +330.233%
Total Assets 5.052091b vs. 4.539148b +11.300%
Equity 1.562116b vs. 1.352782b +15.474%
Cash and cash equivalents at the end of the year 88.062m vs. [52.373m] +268.147%
Dividends per share 0.60 vs. 0.60
Number of shares outstanding : 71,181,000
Company Commentary
an +18% FY Turnover Gain
Conclusions
Maybe Sadolin Paints was the wrong Target.
Crown Paints reports H1 16 Earnings
Total assets 3.611794b
Equity 1.405873b
H1 Revenue 3.505786b vs. 3.309647b +5.926%
H1 Profit before tax 100.854m vs. 90.610m +11.306%
H1 Tax expense [60.980m] vs. [65.461m] -6.845%
H1 Profit for the period 39.874b vs. 25.149m +58.551%
EPS 0.56 vs. 0.35 +60.000%
Cash and Cash equivalents at the end of the period [165.724m]
No interim dividend
Conclusions
Stronger Earnings but still trading on a Demanding PE Multiple
FY Revenue 6.737108b vs. 6.039061b +11.559%
FY Other income 233.954m vs. 144.397m +63.021%
FY Profit before tax 216.697m vs. 151.481m +43.052%
FY Profit for the year 30.748m vs. 19.715m +55.962%
FY Other comprehensive income 3.494m vs. 3.257m +7.277%
FY Total comprehensive income 34.242m vs. 22.972m +49.060%
Basic and diluted EPS 0.65 vs. 0.83 -21.687%
Total assets 4.539148b vs. 3.852814b +17.814%
Cash & cash equivalents at the end of the year 52.372m vs. 172.132m -69.575%
Dividend 0.60 vs. 1.75 -65.714%
Total Number of Shares 71,181,000
Conclusions
FY Headline revenue Growth of +11.559% is a better than fair outcome.
Crown Paints Kenya Limited H1 2015 Earnings through 30th June 2015 vs. 30th June 2014
H1 Revenue 3.309647b vs. 2.872947b +15.2%
H1 Profit Before Taxation 90.610m vs. 156.207m -42.0%
H1 Profit After Tax 25.149m vs. 109.345m -77.1%
H1 Earnings Per Share 1.06 vs. 4.61 -77.0%
Business Commentary
Group Revenue has increased by 15% compared to the same period in 2014.
Profit before tax declines by 42% as a result of regional expansion impact
decline in shilling value foreign exchange Losses have also affected our performance
The Board has a positive Outlook for 2nd Half
Conclusions
Currency impact and regional expansion crimped earnings.
FY Revenue 6.039061b versus 5.158992b +17%
FY Other Income 144.397m versus 83.738m.
Full Year Profit before Tax 151.481m versus 333.442m -55%
Full Year Profit after Tax 19.715m versus 218.843m
Full Year EPS 0.83 versus 9.01
Final Dividend 1.75 a share
Bonus Issue of 2 shares for every one held
Company commentary
The Group Liquidity declined leaving its cash flow generated from operations at a negative 9m compared to +111m previous year.
Conclusions
very poor results apparently impacted by Tanzania.
First Half Earnings through 30th june 2014 versus through 30th June 2013
First Half Revenue 2.872947b versus 2.470501b +16.29%
First Half Profit Before Tax 156.207m versus 120.626m +29.49%
First Half Profit after Tax 109.345m versus 84.715m +29.073%
First Half Earnings Per Share 4.61 versus 3.57 +29.131%
Cash and Cash Equivalents at end of Period 48.585m versus 68.198m
Company Commentary
The Board has a positive outlook for second half of the year given the current state of the construction industry
Conclusions
Strong and solid numbers with an attractive low base effect.
A Paint manufacturing outfit.
Full year Earnings through 31st December 2013
Full Year Revenue 5.158992b versus 4.432877b +16.38%
Full Year Other Income 83.738m versus 51.704m +61.956%
Full Year Profit before Tax 333.442m versus 224.170m +49.191%
Full Year Profit After Tax 213.843m versus 133.543m +60.13%
Full Year Earnings Per Share 9.01 versus 5.63 +60.03%
FY Dividend 1.75 a share
Conclusions
Compelling results. The share price has rallied +20% in anticipation and its probably fairly priced on a PE of 10.00.
H1 2013 Earnings through June 2013 versus June 2012
H1 2013 Revenue 2.470501b versus 2.109057b +17.1377%
H1 PBT 121.876m versus 109.633m +11.167%
H1 PAT 85.965m versus 76.453m +12.441%
H1 EPS 3.57 versus 3.22 [FY 2012 5.63] +10.869%
No Dividend
Company Commentary
The Board has a positive Outlook in the 2nd half of the year
Conclusions
More than respectable and a low base Effect.
H1 2012 versus H1 2011 Swot Analysis
Group Turnover 2.109057b versus 1.810699b +16.5%
H1 Profit Before Tax 109.633m versus 75.076m +46.029%
H1 Profit After Tax 76.453m versus 45.862m +66.7022%
Earnings Per Share 3.22 versus 1.93 [versus 5.44 FY 2011] +66.839%
Company Commentary
Citing Success of Teflon Surface Protector
Conclusions
Good Results Notwithstanding the 77.035% rally in 2012 It remains a Cheap Share on a Forward PE Basis.
FY 2011 Earnings versus FY 2010 Swot Analysis
Turnover 3.853569b versus 3.068468b +25.59%
Profit Before Tax FY PBT 200.539m versus 169.48m +18.326%
Profit After Tax FY PAT 129.002m versus 91.417m +41.13%
Earnings per Share 5.44 versus 3.85 +41.29%
Final Dividend 1.25 a share
Conclusions
Strong FY Results.
1st Half to June 2011 versus 1st Half to June 2010 Swot Analysis
Group Turnover 1.810699b versus 1.429965b
EPS 1.93 versus 2.03
Company Commentary
Outlook for 2nd Half is a Point of Concern
Swot Analysis
2009 versus 2008
Turnover 2.54b +6.00%
EPS 3.64 versus 1.20 +221%
Dividend 1.25 per share
Conclusions
A very High Beta Turnaround. |
