• Business - Companies
  • Updated: May 25, 2023

Berger Paints Shareholders To Smile Soon With N202m Dividends Approval

Berger Paints Shareholders To Smile Soon With N202m Dividend

Berger Paints of Nigeria Plc

The payment of N202,876,413 has been approved as dividends for the 2022 financial year by the shareholders of the manufacturer of paints and allied products, Berger Paints of Nigeria Plc.

The exciting approval was given at the 63rd Annual General Meeting of the company in Lagos on Wednesday.

During the meeting, the shareholders approved the payment of N202,876,413 as dividends at the rate of 70 kobo per share as against the 40 kobo paid in the preceding year.

Shareholders also approved the appointment of Alaba Fagun as the Managing Director and Chief Executive Officer of the company.

Speaking on the floor of the AGM, a shareholder, Olowolafe Kehinde, said, “Despite the economic issue that is affecting us in this nation and also many companies’ operations, our revenue grew from N4.9bn to N6. 9bn, representing a 28 per cent increase.

“Profit After Tax also grew from N135.6m to N208.6m, an increase of 53 per cent.

“When we look at all these indices, it shows the resilience, unwavering ability of the able board and management.”

Kehinde stated that the company’s dividend policy had been consistent for the past 10 years. 

The Chairman of the company, Abi Ayida, stated that 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.

The Managing Director and Chief Executive Officer, Alaba Fagun, noted that the challenges of the 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 an 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 our investments in people and technology would ensure sustainable value optimization and satisfaction of all stakeholders,” said Fagun.

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