Listed paint manufacturer Crown Paints has announced a strong financial recovery for the year ended 31st December 2024, posting a KSh 544 million net profit, up from a KSh 29 million loss in 2023.
- •Group turnover grew 8% to KSh 13.5 billion, driven by a 19% increase in sales volumes across key markets, pushing profit before tax to KSh 787 million, compared to just KSh 14 million a year earlier.
- •The impressive recovery was fueled by a stronger and more stable Kenyan currency, effective marketing campaigns, and Improved cost control and efficiency in the Kenyan operation.
- •Crown Paints anticipates stronger performance in 2025, driven by a stable currency, lower inflation, and easing borrowing costs—factors expected to boost regional economic activity and paint demand.
While subsidiaries in Uganda, Tanzania, and Rwanda also recorded growth, foreign exchange losses, particularly in Crown Paints Tanzania, weighed on the overall performance.
Financial Highlights (Crown Paints Group)
| Metric | FY2024 | FY2023 | Change |
|---|---|---|---|
| Revenue | KSh 13.45Bn | KSh 12.49Bn | +7.6% |
| Profit Before Tax | KSh 787M | KSh 14M | +5,521% |
| Profit After Tax | KSh 544M | (KSh 29M) | Turnaround |
| EPS | KSh 3.82 | (KSh 0.20) | Turnaround |
| Equity | KSh 3.63Bn | KSh 3.14Bn | +15.6% |
| Cash & Cash Equivalents | KSh 344M | KSh 170M | +102.4% |
“The improved results are a reflection of a stable currency environment and successful marketing strategies that increased demand. We are confident that 2025 will build on this momentum,”
the Board said in a statement dated 29th April 2025.
The Board has also proposed a KSh 3.00 per share dividend for FY2024, reversing last year’s zero payout.
| Year | Dividend |
|---|---|
| 2024 | 3.00 |
| 2023 | 0.00 |
| 2022 | 4.00 |
| 2021 | 4.00 |
| 2020 | 0.00 |
| 2019 | 1.30 |
Shareholders registered by 20th June 2025 will be eligible, with payment expected on or about 30th June 2025. AGM is set for Friday, 20th June 2025 (held virtually at 11:00 a.m.).
