The Board of Directors’ decision to increase the dividend payment from N203 million to N232 million for the 2023 fiscal year has received the support of Berger Paints Nigeria Plc’s shareholders.
The 64th Annual General Meeting (AGM) of the firm, held in Lagos, was authorized by the shareholders.
The dividend, which amounts to N0.80 kobo per share for its owners, was approved by the shareholders.
With this payout, each share will get N1.00 as the final dividend for the review period.
On the issued share capital of 289,823,447 ordinary shares of 50 kobo each, the board had approved and paid an interim dividend of 20 kobo per share throughout the year.
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Addressing shareholders at the AGM, the company’s Chairman, Mr. Abi Ayida, explained that adherence to many sustainability initiatives enhanced the company’s performance in the review period.
Ayida also attributed the stellar performance to five key pillars: product innovation, market expansion, operational efficiency, customer experience, and strategic partnerships.
“In the face of market uncertainties, Berger Paints Plc. maintained its position as a leading player in the paints and coating industry. Our relentless commitment to innovation, product quality, and customer satisfaction has not only fortified our market presence but also empowered us to seize new opportunities for growth. Currently, Berger Paints operates within the premium and super-premium segments of the market,” Ayida explained.
The chairman noted that despite the challenging operating environment in 2023, a review of the financial result shows improved performance across all financial indices.
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“Our revenue grew from N6.33billion to N7.96billion representing a 25% increase. Likewise, the profit for the year was N445million, 125% higher than N208million which was achieved in the previous year,“he said.
The Managing Director, Mrs. Alaba Fagun, stated that the performance is a testament to synergistic collaboration between the workers and the company’s strategic vision. According to her, the management deployed a harmonious blend of financial acumen, operational resilience, and strategic foresight’ while looking forward to building upon these accomplishments, fostering sustainable growth, and delivering enduring value to our esteemed shareholders.
‘’Beyond the quantitative achievements, our success story in 2023 was intricately woven with qualitative advancements, which ‘is a testament to the synergistic collaboration between our adept workforce and the strategic vision set forth by the leadership,” Fagun said.
Shareholders of Berger Paints Nigeria Plc have commended the management for its resourcefulness in improving the company’s fortunes in the last financial year and for paying competitive dividends and assuring them of higher shareholder value.
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Commenting on the company’s performance, the National Co-Ordinator of the Pragmatic Shareholders Association, Mrs. Adebisi Bakare, stated that the 2023 performance is a significant improvement on the previous year against the background of headwinds such as high energy cost, soaring inflation rate, and exchange rate crisis, in addition to the low purchasing power of consumers.
According to her, Berger Paints was able to maintain its leadership position in the paint manufacturing industry in Nigeria.
“The performance is commendable, especially when we consider the challenges, such as energy cost, high-interest rate, weak purchasing power of consumers and rising inflation amongst others in the operating environment,”Bakare said.
The Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN), Chief Sunny Nwosu, expressed satisfaction with the company’s impressive performance and commended its board and management for the balanced gender representation in their compositions.
