Berger Paints profit rises 53% to N208.6m in 2022

Berger Paints of Nigeria Plc, leading manufacturer of paints and allied products, has announced a profit of N208.6 million for the financial year ended Dec. 31, 2022.

The profit represented an increase of 53 per cent when compared with N135.6 million achieved in 2021.

The company’s Managing Director, Mrs Alaba Fagun, disclosed this to the shareholders at the company’s 63rd Annual General Meeting (AGM) on Wednesday in Lagos.

Fagun said that the company was able to record such profit in spite of the challenges of business environment via the adoption of a dynamic strategic approach of re-engineering the company’s goals to achieve more with less.

She stated that the industry space was still beguiled with challenges such as foreign exchange scarcity, inflation, insecurity, high cost of operations, high importation of foreign products and inadequate standardisation causing influx of substandard products.

She, however, expressed hope that these challenges would be addressed in the long-term.

“Notwithstanding these challenges, Berger is not relenting in delivering value to its shareholders, quality to customers and rewarding its employees and partners.

“With a historical growth in year-on-year revenue figures, we are committed to the trend and guaranty that our investments in people and technology would ensure sustainable value optimisation and satisfaction of all stakeholders,” she said.

The Chairman, Berger Paints Nigeria Plc, Mr Abi Ayida, said the paint manufacturer company would not rest on its oars but would continue to strive to do better.

Ayida addressed plans to set up a new subsidiary called Swift Painting, saying it would be a valued added service, designed to be faster and more consistent than the manual painting process.

“I think our performance speaks for itself and while we accept the commendations, we are not satisfied and we are committed to 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,” he said.

Meanwhile, shareholders of the company have commended its board and management over its impressive performance in spite of the tough operating environment.

A shareholder, Mr Kehinde Olowolafe, endorsed the company’s dividend policy, which, he said, had been consistent for the past 10 years.

According to him, the payment of N202,876,413 as dividend at the rate of 70k per share as against 40k paid in the preceding year was impressed.

“I thank the board and the management for their roles in growing the business even in the face of the economic issues that is affecting us in this nation and also many companies’ operations.

“Going forward, our earnings per share grew from 47k to 72k and our net assets grew.

“When we look at all these indices, it shows the resilience, unwavering ability of the able board and management,” he said.