Shareholders of Berger Paints 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) held yesterday 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 53 per cent.
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 Mrs. 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 N4.9bn to N6. 9 billion, representing 28 per cent increase. Profit after tax also grew from N135.6 million to N208.6m, also an increase of 53 per cent. Going forward, our earnings per share grew from 47k to 72k. Also, our net assets grew. 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, while thanking the board and the management for their roles in growing the business.
The Chairman, Abi Ayida 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,” the chairman said.
Speaking about the setting up of a new subsidiary called Swift Painting, Ayida said it would be a valued added service, designed to be faster and more consistent than the manual painting process.
Its Managing Director and Chief Executive Officer, Alaba Fagun, 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.