Chemstar records double-digit growth despite recession

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The Group  Managing Director and Chief Executive Officer of Chemstar Industries Nigeria Limited, makers of Finecoat and Shield brands of paints, Mr. Emmanuel Awode, said that his company recorded a double-digit growth in 2016 despite the recession.

Awode said this during the firm’s annual customers’ awards, which took place in Lagos recently.

He attributed the feat to dedication from the customers while disclosing that the firm had spent N80m on various gifts for the customers in appreciation.

On how the firm was coping with scarcity of forex in the country, the Chemstar GMD remarked that the firm had to increase prices of its products after holding on for six months, hoping for the situation to improve.

He said since 60 per cent of its raw materials were imported, the paint industry as a whole had grappled with forex scarcity and the high cost of buying dollars at the parallel market.

He pointed out that his company had started looking inwards and would find more avenues of sourcing for raw materials locally.

He said the firm would not embark on product price increment because of the drop in disposable income of consumers.

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