Crown Paints Kenya has resumed paying dividends with a Sh3 per share distribution, after rebounding to a net profit of Sh544 million in the year ended December 2024 from a net loss of Sh29 million in 2023.
The Nairobi Securities Exchange (NSE)-listed paint maker attributed the return to profitability on higher revenue and a stable currency that saw the company avoid a repeat of 2023’s foreign exchange losses.
Crown skipped paying a dividend in 2023, when it made a loss, compared to the previous year’s net profit of Sh824 million. The company had paid a dividend of Sh4 per share in 2022.
“The board of directors recommend payment of a first and final dividend of Sh3 per share for the year ended December 31, 2024 (2023: Sh nil per share). The dividend shall be paid on or about June 30, 2025, to shareholders registered at the close of business on June 20, 2025,” said Crown in its financial statement.
The company’s revenue rose by Sh957 million or 7.7 percent to Sh13.45 billion. Crown did not disclose its expenses for the period in the interim financial statement.
It, however, said that in Kenya, turnover increased by 23 percent on account of higher sales volumes and a stable shilling, accompanied by marketing campaigns, which led to higher demand for products.
For holders of foreign currency debt and manufacturers depending on imported inputs, the shilling’s 21 percent gain on the dollar last year was a positive since it lowered their costs.
In contrast, firms such as Crown had suffered losses on imports in 2023 due to the weakening of the local currency by a similar margin against the dollar.
High inflation in 2023 also affected demand for products, deepening losses for manufacturers.
“For the subsidiaries, the sales volumes also increased but the foreign currency fluctuations were not as favourable, especially for Crown Paints Tanzania, where an exchange loss was reported,” said the company.
Founded in 1958, Crown Paints has regional operations in Uganda, Tanzania and Rwanda, in addition to the Kenyan unit.
