2023: Berger Paints Records 119% Growth In Pre-Tax Profit

The fiscal year 2023 financial results of Berger Paints Plc are now available. The firm reported a profit before tax of N777.6 million for the year, which is a rise of 119% over the N355.6 million reported in 2022.

The group’s 2023 revenue of N7.91 billion was a 25% increase over the N6.33 billion it brought in in 2022. The company’s sales for the fourth quarter of 2023 was N2.49 billion, up 38% from the previous year’s N1.81 billion.

A 153% rise from the N208.67 million reported in 2022 to the N528.74 million recorded in 2023 was the company’s net income throughout the year.

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Key Highlights FY 2023 (FY 2022, % Change)

Revenue: N7.91 billion (N6.33 billion, +25%)

Cost of Sales: N5.32 billion (N4.33 billion, +23%)

Gross Profit: N2.59 billion (N2.01 billion, +29%)

Operating Profit: N881.31 million (N386.02 million, +128%)

Net finance income: -N103.75 million (N1.77 million, -5968%)

Profit before taxation: N777.56 million (N355.58 million, +119%)

Profit for the period: N528.74 million (N208.67 million, +153%)

Earnings per share: 182 kobo (72 kobo, +153%)

Total Assets: N6.61 billion (N5.53 billion, 20%)

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In 2023, Berger Paints recorded a revenue of N7.6 billion from the sale of paints and allied products, while it recorded a revenue of N306.5 million from its contract services.

Like other manufacturing companies in Nigeria, Berger Paints suffered a loss due to the Naira revaluation, which amounted to N96.34 million, a cost significantly higher than N617,000 loss suffered by the company in 2022.

Berger Paints paid an interim dividend of N0.20 per share in 2023, after paying a dividend of N0.70 in 2022. It remains to be seen what final dividends the company’s board will agree upon in 2023.

In the NGX, the company’s shares have also appreciated by 21.5% year-to-date, closing at N15.80 on Friday, January 26.