Despite the inclement operating environment in Nigeria, Berger Paints Nigeria Plc has posted a profit before tax of N776.317 million for the year ended December 31, 2023.
The company also proposed a final dividend of 80 kobo per share to be ratified by shareholders at its 64th Annual General Meeting coming up on May 14, 2024, in Lagos.
The dividend, which amounts to a total of N232 million, up from N203 million paid in 2022, will bring the total dividend for the review period to N1.00 per share as the Company paid 20 kobo per share interim dividend in the course of the year.
Meanwhile, the company revenue grew by 25 per cent to N7.968 billion as against N6.332 billion in 2022. Profit before tax rose by 125 per cent to N776.317 million from N355.579 million in 2022, while profit after tax also increased by 125 per cent to N445.330 million higher than N208.670 million in 2022.
The basic earnings per share jumped from 72 kobo to N1.62, an increase of 125 percent respectively.
The managing director and chief executive officer of Berger Paints, Alaba Fagun, ascribed the outstanding performance to the emerging benefits of the company’s rebranding, deployment of modern technology to ensure quality products and availability of strong human capital.
According to her, 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 work force as despite the challenges the management and staff of Berger Paints Nigeria Plc, rose to the occasion.
“Throughout the year, we revitalised 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-Focus, and Teamwork and this orientation was deeply ingrained in our team’s approach to work.”
She noted that “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 per cent growth in our bottom-line figure compared to 2022.”
Looking forward, Fagun said, “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.”
A further review of the company’s performance indicators showed that its operating profit rose to N774.74 million, an increase of 101 per cent and total assets stood at N6.61 billion, an increase of approximately 20 per cent amongst others.
In March last year, Berger Paints took the Nigerian manufacturing sector and the financial market by storm, when it unveiled its new brand identity. The rebranding was prompted by the need to capture the younger demography especially those aged 25 to 45 to ensure business continuity and success.