Paint Maker, Crown Paints has announced a pre-tax profit of Sh169.4 million for the year ended December 31, 2010.
This is a 29.6 per cent increase compared to Sh139.8 million posted a year earlier.
Turnover reached Sh3 billion as volumes grew by 21.5 per cent indicating growth from Sh34 million to Sh79 million. Net profit grew to Sh91.4 million from Sh86.3 million in 2009.
“During the final quarter, rapid escalation of raw material prices was evident, although for 2010 gross margins where improved by three per cent, with net profit being 5.52 per cent of sales, previously 3.48 per cent,” said chief executive Rakesh Rao.