Equity: Berger Paints Posts 125% Profit Growth In 2023, Reports No FX Loss

The pre-tax profit of Berger Paints Nigeria Plc increased from N355.6 million in 2022 to N799.8 million in 2023, representing an amazing 125% profit growth.

The company’s revenue for 2023 was N7.91 billion, up 25% from N6.33 billion in 2022, according to its certified financial statement.

The firm reported total assets of N6.61 billion in 2023, a 19.6% increase from N5.53 billion in 2022.

Key Highlights (FY 2023 vs FY 2022)

Revenue: N7.91 billion, +25% YoY

Cost of sales: N5.21 billion, +21% YoY

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Gross profit: N2.70 billion, +34% YoY

Selling and distribution expenses: N525.91 million, +66% YoY

Operating profit: N730.18 million, +84% YoY

Net finance income: N25.04 million, +1316% YoY

Profit before tax: N799.8 million, +125% YoY

Profit for the period: N468.8 million, +125% YoY

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Earnings per share: N1.62, +125% YoY

Total assets: N6.61 billion, +20% YoY

The company made about N7.6 billion from the sale of paints and allied products in 2023, marking a 23% increase from the N6.2 billion posted in 2022.

Impressively, Berger Paints recorded no foreign exchange loss in 2023, due to its very low foreign currency exposures. While its interest income on bank deposits increased by 175% to N40.5 million in 2023 from N14.8 million posted in 2022.

From the N468.8 million profit accrued in 2023, Berger Paints Nigeria has proposed paying a final dividend of 80 kobo per share, which amounts to a total amount of N231.9 million, up from the N202.9 million paid in 2022. In 2023, the company also paid an interim dividend of N58.0 million.