Berger Paints Nigeria Plc Seeks Shareholders Approval for a Dividend of 80 Kobo per Share

Berger Paints Nigeria Plc, a big producer of coated paints and related goods, has requested that its shareholders approve a dividend of 80 kobo per share in its upcoming 64th Annual General Meeting (AGM), which will be held in Lagos, despite the difficult operating environment in Nigeria. 

The dividend will increase the final dividend for the review period to N1 per share, totaling N232 million, from the previous N203 million paid in 2022. The company also plans to request approval of the interim dividend payment of N58 million, or 20 kobo per share, at the AGM. 

Additionally, the company's basic earnings per share increased by 125% from 72 kobo to 162 kobo in the 2023 financial year, and its profit for the same year increased to N468 million from N208 million. 

The MD/CEO of Berger Paints Nigeria Plc, Mrs. Alaba Fagun, attributed the outstanding performance to the development of benefits from the rebranding, the use of contemporary technology to guarantee high-quality products, and the availability of strong human capital. 

"With Berger Paints, you can never go wrong. Our commitment to customer satisfaction has been the bedrock of our success since 1959. The year 2023 underscored the resilience and positive orientation of the Berger Paints workforce as, despite the challenges, the management and staff of Berger Paints Nigeria PLC rose to the occasion. Throughout the year, we revitalized our corporate ethos by reshaping our brand. More than just a logo, our brand embodies a commitment to quality assurance and customer-centric values: Professionalism, Integrity, Innovation, Customer, and Teamwork, and this orientation was deeply ingrained in our team's approach to work.

"Despite the myriad challenges in our operating environment, impacting both our business operations and the daily lives of our customers and team members, we achieved a remarkable 125% growth in our bottom-line figure compared to 2022. We aspire to keep increasing our market share to establish dominance and leadership in our sector. Our dedicated team is poised to leverage resources efficiently and innovate to deliver exceptional service to our customers.", explained Fagun. 

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When reviewed, the company's other performance metrics reveal that its revenue increased by 25% to N7.97 billion, operating profit increased by 101% year over year to N774.74 million, and total assets increased by approximately 20% to N6.61 billion. 

It was also reported that in March last year, Berger Paints surprised the Nigerian manufacturing sector and the financial market when it introduced its new brand identity. 

A report stated that the rebranding was prompted by the need to capture the younger demographic, especially those aged 25-45, to ensure business continuity and success.

About Berger Paints Plc (Website)

Berger Paints Plc is a Nigerian manufacturing company that produces paint, surface coatings, and allied products for the residential, commercial, marine, and industrial sectors. The company has an extensive product range divided into decorative/architectural finishes, industrial coatings, marine and protection coatings, automotive/vehicle finishes, and wood finishes and preservers. 

Berger Paints has a manufacturing plant and distribution centre in Lagos and over 25 distribution points in Nigeria's major towns and cities. Berger Paints Colourworld is a retail outlet offering a wide range of products and support with expertise and colour development software. Colourworld also offers an advanced automotive tinting system and colour software and carries a supply of paint tools and applications. 

In 2012, Berger Paints Nigeria Plc partnered with KCC Corporation, the largest heavy-duty coating manufacturing company in South Korea. The partnership facilitates supplying quality, durable coatings for the marine and protective sectors. The company was established in 1959 by Lewis Berger, a German colour chemist who founded the Berger Paints dynasty in London in the late 1970s. Its head office is in Lagos, Nigeria.

Berger Paints Plc is listed on the Nigerian Stock Exchange.