Berger Paints’ Shareholders approve N115 million Dividend, applaud Management

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Berger Paints’ Shareholders approve N115 million Dividend, applaud Management
L-R ; Non-Executive Director, Berger Paints Nigeria Plc, Raj Mangtani, Non-Executive Director, Ogechi Iheanacho, Ag. Managing Director/CEO, Adeyemi Adetomiwa, Chairman, Abi Ayida, Company Secretary, Ayokunle Ayoko and Non-Executive Director, Kunle Olowokande, during 62nd Annual General Meeting of Berger Paints on thursday

Elated Shareholders of a leading manufacturer of coated paints, Berger Paints Nigeria PLC have  unanimously endorsed the 40 kobo dividend per ordinary share proposed by the Company’s Board for 2021 financial year as they expressed optimism in the company’s future performance. 

The Company’s revenue was up by 29 percent from N3.83 billion in 2020 to N4.96 billion in 2021. The Gross Profit inched up by 12  percent from N1.41 billion in 2020 to N1.58 billion last year. The after tax profit of N135, 635 million as against N146,028 posted in 2020 was moderated by the high cost of doing business. Despite this, the company declared a gross dividend of N115,929,379, which translates into 40 kobo per share to reward its shareholders. 

Shareholders generally commended the company’s Board and Management for declaration of dividend despite the high cost of doing business in Nigeria under acute  insecurity, forex scarcity, energy crisis, stagflation, low purchasing power of consumers and other macroeconomic vagaries. 

A shareholder and the Immediate Past President (IPP), Nigerian Shareholders  Association, Chief Timothy Adesiyan, said the company’s ability to pay dividend this year indicated its passion for shareholder value. Adesiyan explained  that the company’s performance was excellent against the background of the harsh operating environment. He commended the Board and Management for upholding the tenets of corporate governance. Adesiyan also applauded the Staff’s innovativeness and specifically commended the Company Secretary, Mr Ayokunle Ayoko and his team for liaising effectively with the shareholders.

Corroborating him, another shareholder, and National Coordinator, Pragmatic Shareholders Association of Nigeria, Mrs Bisi Bakare, expressed confidence in the Board and Management that the company had strong capacity to move to generate more shareholder value, regardless of the nature of the operating environment. 

The Chairman, Abi Ayida thanked the shareholders for appreciating the Company’s efforts and assured them that measures had been put in place to enhance the Company’s competitive edge. Abi noted that the current performance indicated resilience, signaling a brighter future. 

“ These numbers achieved in one of the most difficult years in the company and the country’s recent history is a demonstration of the resilience of your company. We have straightened our business continuity measures, diversified our supply chain options, reinforced our succession planning process whilst focusing on eliminating wastages. Indeed, we have focused on transforming the business for more resilience, durability and flexibility which will prove vital to the sustainability of the business in a harsh business environment.”, said Ayida.

 

 

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