Berger Paints proposes N232m dividend at its 64th AGM

Despite the inclement operating environment in Nigeria, Berger Paints Nigeria Plc has proposed a dividend of 80 kobo per share, to be approved by its shareholders at the company’s 64th Annual General Meeting (AGM), on Tuesday, May 14, in Lagos. 

The dividend, which amounts to a total of N232 million, up from N203 Million paid in 2022, 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 Million. 

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

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

“With Berger Paints, you can never go wrong. Our commitment to customer satisfaction has been the bedrock 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 staff of Berger Paints Nigeria PLC, rose to the occasion. 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, and this orientation was deeply ingrained in our team’s approach to work.

“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 percent growth in our bottom-line figure compared to 2022. Looking forward, we aspire to keep increasing our market share to establish dominance and leadership in our sector. Our dedicated team is poised to leverage resources efficiently, and innovate to deliver exceptional service to our customers,” explained Fagun. 

A review of the company’s other performance indicators shows that its revenue hit N7.97 billion, an increase of 25 percent, Year-on-Year, Operating Profit, N774.74 million, an increase of 101 percent, and total assets, N6.61 billion, an increase of approximately 20 percent amongst others. 

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.