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Business News of Thursday, 25 May 2023


Berger shareholders approve N202m as dividends

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Shareholders of the manufacturer of paints and allied products, Berger Paints of Nigeria Plc, have approved the payment of N202,876,413 as dividends for the 2022 financial year.

The approval was given at the 63rd Annual General Meeting of the company in Lagos on Wednesday.

The shareholders approved the payment of N202,876,413 as dividends at the rate of 70 kobo per share as against the 40 kobo paid in the preceding year. Shareholders also approved the appointment of Mrs Alaba Fagun as the Managing Director and Chief Executive Officer of the company.

Speaking on the floor of the AGM, a shareholder, Olowolafe Kehinde, 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. 9bn, representing a 28 per cent increase. Profit After Tax also grew from N135.6m to N208.6m, an increase of 53 per cent. 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.

The Chairman of the company, Abi Ayida, stated that 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,” Ayida said.

The 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.

” The industry space is still common with challenges such as forex scarcity, inflation , security, high cost of operations, high importation of foreign products and inadequate standardization causing influx of substandard products. We expect these challenges to 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’s our investments in people and technology would ensure sustainable value optimization and satisfaction of all stakeholders,” said Fagun.