The Managing Director and Chief Executive Officer of Berger Paints Nigeria Plc, Mrs. Alaba Fagun, has ascribed the outstanding performance of the company for the financial year ended December 31, 2023, to the market appreciation of its rebranding, customer-centric policy, deployment of modern technology to ensure quality products and availability of strong human capital.
Despite the inclement operating environment, Berger Paints, a leading manufacturer of coated paints and allied products in Nigeria, has proposed a dividend of N231. 9 Million for the 2023 financial year up from N202.9 Million paid in 2022. If ratified, the Company will be paying a dividend of N.80 kobo per share for its shareholders at its 64th Annual General Meeting (AGM), scheduled for Tuesday May 14th , in Lagos.
The dividend will bring the final dividend for the review period to N1 per share. At the AGM, the company shall seek ratification of payment of an interim dividend of 20 kobo per share, which amounts to N58.0 Million.
Other performance indicators of Berger Paints include its profit for the financial year, which grew to N468,797 from N208,670 in 2022, and basic earnings per share, which jumped from 72 kobo to 162 kobo, an increase of 125 percent respectively.
“Despite the myriad challenges in our operating environment, impacting both our business operations and the daily lives of our customers and team members, we achieved a remarkable 125% growth in our bottom-line figure compared to 2022.
A review of the company’s other performance indicators shows that its revenue hit N7.91 billion, an increase of 25 %, Year-on-Year, Operating Profit, N730.18, an increase of 84 %, and total assets, N6.61 billion, an increase of 20 % amongst others
According to the Managing Director, the year 2023 underscored the enduring Nigerian love for vibrant experiences and Berger Paints rose to the occasion by exceeding customers’ expectations in the quality of products and service delivery. “With Berger Paints, you can never go wrong. Our commitment to customer satisfaction has been the bedrock of our success since 1959’, she added.
‘Throughout the year, we revitalized our corporate ethos by reshaping 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 which helped us to achieve a strong position in the market’ the MD stated.
‘’Looking forward, we aspire to conquer the African market landscape with our products and services. Our dedicated team is poised to leverage resources efficiently, and innovate to deliver exceptional service to our customers.”, explained Fagun.
In March last year, Berger Paints took the Nigerian manufacturing sector and the financial market by storm, when it unveiled its new brand identity. The rebranding was prompted by the need to capture the younger demography especially those aged 25-45 to ensure business continuity and success.
