Shareholders of Berger Paints of Nigeria Plc have commended its Board and Management over the Company’s impressive performance despite the tough operating environment.
At its 63rd Annual General Meeting (AGM) Wednesday in Lagos, the shareholders endorsed the Company’s dividend policy, which has been consistent for the past 10 years. The firm recorded a profit of N208.6 million in 2022, as against N135.6 million, an increase of 53percent.
The shareholders approved the payment of N202,876,413 as dividend at the rate of 70 kobo per share as against 40 kobo paid in the preceding year while the appointment of Alaba Fagun as the Managing Director and Chief Executive Officer was unanimously approved at the meeting.
A shareholder, Olowolafe Kehinde, who appreciated the performance of Berger Paints despite the business environment.
said: “Despite the economic issue that is affecting us in this nation and also many companies’ operations, our revenue grew from N4.9billion to N6. 9billion, representing 28percent increase. Profit After Tax also grew from N135.6million to N208.6million, also an increase of 53percent. Going forward, our earnings per share grew from 47kobo to 72kobo. Also, our net assets grew. When we look at all these indices, it shows the resilience, unwavering ability of the able board and management.”
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Kehinde stated that the Company’s dividend policy had been consistent for the past 10 years. Thanking the board and the management for their roles in growing the business .
Abi Ayida, chairman, Berger Paints said the paint manufacturer would not rest on its oars.
“I think our performance speaks for itself. We accept the commendations but we are not satisfied. We are driving the company to do better. Last year was a very difficult year, the rise in input cost would have sunk most companies but we are well positioned to meet whatever challenges come our way because we think about how to move the company forward,” Ayida said.
Speaking about the setting up of a new subsidiary called Swift Painting, Ayida said that it would be a valued added service, designed to be faster and more consistent than the manual painting process.
Alaba Fagun, Managing Director and Chief Executive Officer, Berger Paints noted that the challenges of business environment had prompted a dynamic strategic approach of re-engineering the Company’s goals to achieve more with less.
“The industry space is still common with challenges such as forex scarcity, inflation , security, high cost of operations, high importation of foreign products and inadequate standardization causing influx of substandard products. We expect these challenges to be addressed in the long term.
Notwithstanding these challenges, Berger is not relenting in delivering value to its shareholders, quality to customers and rewarding its employees and partners . With a historical growth in year on year revenue figures, we are committed to the trend and guaranty that’s our investments in people and technology would ensure sustainable value optimisation and satisfaction of all stakeholders,” said Fagun.