Premier Paints Plc reported a loss of ₦7.57 million for the first quarter (Q1) ended March 31, 2026, as declining revenue and rising operating expenses weighed on performance.
Revenue fell to ₦16.61 million in Q1 2026 from ₦23.10 million recorded in the corresponding period of 2025, representing a 28.1 percent year-on-year decline. The drop in turnover reflects weaker sales momentum in the period under review.
Cost of sales declined to ₦16.05 million from ₦19.51 million, but the reduction was not sufficient to offset the decline in revenue. Gross profit dropped significantly to ₦562,000 from ₦3.60 million in Q1 2025, indicating pressure on margins.
Operating expenses remained elevated. Selling and distribution expenses stood at ₦4.02 million, while administrative expenses came in at ₦4.11 million. Combined with other operating costs of ₦1.74 million, total operating expenses exceeded gross profit, resulting in an operating loss of ₦7.57 million compared to a loss of ₦2.04 million recorded in the same period last year.
Finance income and costs were negligible during the period, leaving the company’s loss before tax unchanged at ₦7.57 million versus ₦2.04 million in Q1 2025.
After accounting for a minimal tax charge of ₦57,000, the company reported a net loss of ₦7.57 million, compared to a loss of ₦2.10 million in the corresponding period of 2025.
There was no other comprehensive income recorded during the quarter, leaving total comprehensive loss at ₦7.57 million, compared to a loss of ₦2.10 million in Q1 2025.
Earnings per share declined to a loss of 0.06 kobo from a loss of 0.02 kobo in the prior year, reflecting weaker profitability.
A review of the full-year 2025 performance shows the company reported revenue of ₦148.11 million and profit after tax of ₦1.99 million, indicating that the Q1 2026 loss represents a reversal from the modest profitability achieved in the previous financial year.
The Q1 results highlight ongoing operational challenges for Premier Paints, with declining revenue, compressed margins and rising cost pressures continuing to impact earnings performance.
