Berger Paints shareholders earn N232 million dividend

Despite the poor business environment in Nigeria, a leading manufacturer of coated paints and related products, Berger Paints Nigeria Plc has proposed a dividend of 80 kobo per share for approval by its shareholders at the upcoming 64th Annual General Meeting (AGM), which will be held in Lagos.

The dividend, which totals N232 million compared to N203 million paid in 2022, will take the final dividend for the assessment period to N1 per share. At the AGM, the company will seek ratification of the payment of an interim dividend of 20 kobo per share, amounting to N58 million.

Other performance indicators of the company include FY 2023 profit, which grew to N468 million from N208 million in 2022, and basic earnings per share, which rose from 72 kobo to 162 kobo, an increase of 125 percent respectively .

The Managing Director and Chief Executive Officer, Mrs. Alaba Fagun, attributed the excellent performance to the new benefits of the company’s rebranding, deployment of modern technology to ensure quality products and the availability of strong human capital.

“You can never go wrong with Berger Paints. Our commitment to customer satisfaction has been the foundation of our success since 1959. The year 2023 underscored the resilience and positive orientation of the Berger Paints workforce as despite the challenges, the management and workforce of Berger Paints Nigeria PLC rose to the occasion. Throughout the year we reinvigorated our company ethos by reimagining our brand. More than just a logo, our brand embodies a commitment to quality assurance and customer-centric values: professionalism, integrity, innovation, customer focus and teamwork. This orientation was deeply anchored in the way our team works.

“Despite the numerous challenges in our operating environment, which impact both our business operations and the daily lives of our customers and team members, we have achieved a remarkable 125% growth in our operating income compared to 2022. Looking ahead, we aim to increase our market share to to establish dominance and leadership in our sector. Our dedicated team is ready to deploy resources efficiently and innovate to deliver exceptional service to our customers,” Fagun explains.

A review of the company’s other performance indicators shows that revenue stood at N7.97 billion, up 25%, year-on-year, operating profit, N774.74 million, up 101% and total assets , N6,61. billion, an increase of approximately 20%.

In March last year, Berger Paints took the Nigerian manufacturing sector and financial market by storm when it unveiled its new brand identity.

The rebrand was driven by the need to appeal to the younger demographic, especially the 25 to 45 age group, to ensure business continuity and success.