Leading paints manufacturer, Berger Paints Nigeria Plc has announced a seven percent increase in its revenue for the financial year ended December 31, 2020.
By the report, paint company recorded revenue of N3.83 million from N3.58 million it posted in 2019.
The firm grew total equity marginally by 2 percent from N3.73 million filed in the same period of 2019 to N3.14 million for the year under review.
This was contained in a notice signed by the Company Secretary/Legal Adviser, Ayokunle Ayoko and presents to the investing public through The Nigerian Stock Exchange (NSE).
However, operating profit declined by 61.99 percent to N194.95 from N512.92 million reported in 2019.
Also, profit before tax dropped 61.59 percent to N211.85 million as against the N551.56 million attained a year before.
Despite the losses recorded by the company due to ripple effects of Covid-19 pandemic on businesses across the globe, the Board of directors of the paint firm recommended to shareholders the payment of a dividend of 40 kobo per share for the 2020 financial year which amounts to N115,929,000 subject to the approval of the members at the Annual General Meeting (AGM) billed to hold on April 30th.
If approved, the dividend recommendation improved from 25 kobo or N72,45 million in 2019 to 40 kobo or N115.92 million for the reviewing period. The dividend is payable with less withholding tax to all members whose names appear in the Company’s Register of Members as at the close of business on April 30, 2021.
The manufacturing and marketing of paints and allied products, Berger Paints profit before income tax for the current year declined by 60.50 percent to N210.90 million from N533.99 million recorded in 2019.
Profit for the year stood at N146.28 million from N448.73 million, while gross profit slipped to N1.41 from N1.66 million.
While commenting on the result, Tor Nygard, Managing Director of Berger Paints Nigeria plc, said the result was indicative of continuing improvements in the company’s operations, characterized by huge investments in product innovation and a state of art paints and coatings manufacturing machinery.