Portland Paints new MD projects double-digit growth
Portland Paints and Products plc’s new managing director, Femi Oguntade, looking at the industry potentials and its range of product offerings, is targeting double-digit growth for the company.
His five-year projection would see the paint and sanitary wares giant become a clear market leader that would control a significant share of the market in terms of volume and profitability Oguntade, who spoke during an interview on the sideline of the company’s appreciation dinner for customers held in Lagos to announce his appointment, said his vision for the company hinges on the organisation’s corporate vision which is to add beauty to the environment, provide peace of mind and create shareholder value.
“We will keep on improving on our offerings and ensure that we remain qualitative in our chain of products that would give us a significant share of the industry,” he said. “By double-digit growth I mean growing at double whatever the gross domestic product (GDP) growth rate is. We want to grow at double the GDP. That is, if Nigeria’s GDP is 7 percent, we will grow our business by 14 percent and if the GDP is 20 percent, we will grow by 40 percent.” Not unaware of the challenges facing the industry, particularly adulteration and proliferation of product, the new Portland boss who took over the management precisely on June 28, 2013 said his company’s strategy would focus on ensuring that there is differentiation.
“We will continue to ensure that our quality is irresistible and one that creates meaningful consumer value. We have our strategy which is to ensure that we contain them by making sure that we close all loopholes and raise the bar,” he said.
Bayo Osibo, the retiring managing director, said the coming on board of Oguntade would bring increased performance and growth for the company, and beckoned on customers to sustain their loyalty to the new management, assuring that necessary structures had been put in place to continue with value creation. The event was also used as a medium to present awards to Portland Paints loyal customers and partners who have contributed in making the company big, particularly during the tenure of the retiring managing director.
Portland Paints and Products plc is a leading decorative and industrial paints company with upwards of 40 years’ experience producing, distributing and marketing a wide array of products that support the building and construction industry in Nigeria.
The company is the distributor of Ideal Standard sanitary wares, Portland Bathrooms and Jaguar range of sanitary products, which has been largely embraced by construction companies across Nigeria and beyond.
Its flagship brand is Sandtex high quality decorative paints, formulated after extensive research to provide protection and aesthetics for all types of residential and commercial buildings.