A leading manufacturer in paints and allied coating products, Berger Paints Nigeria Plc has embarked on transformation initiatives to enhance its market dominance for the next 60 years.
The transformative initiatives which cover the company’s structure, people, processes and digital operations have been endorsed by the company’s Board of Directors.
Besides, the shareholders have approved the sum of the sum of N188.385 Million to be paid as dividend which translates into 65 kobo per share. By the company’s financial statement, its revenue grew by 12 percent to N3.377 billion in 2018 as against N3.013 billion in the previous year while profit before tax stood at N454. 3 million, representing growth of 33.8 percent over N339.5 million recorded in the corresponding year.
Addressing the elated shareholders at the company’s Annual General Meeting (AGM) in Lagos yesterday, the Chairman, Mr Abi Ayida, explained that on assumption of office, and after due consultation with the various units of the company and meetings with the relevant stakeholders, it was imperative for the company re-position for global competitiveness and sustainable increase on return on investment (ROI).
” On assumption of office, I solicited views on how this required journey could be made, and attained unvarnished narrative of what we as employees, partners, stakeholders and leaders were doing well and what not so well .The outcome of these valuable sessions, after Board review and consideration, confirmed that there was significant headroom for improvement in our people, processes and organisational structure” said Ayida.
Ayida stated that in order to put the company on the path of sustained profitability, the Board had created the office of Chief Operating Officer to drive the opreations and technical aspects of the business while Mr Anjar Sircar has been appointed the new Managing Director to take charge of strategic business development decisions and marketing function of the company.
Until his appointment, Sircar was the Chief Executive Officer of the Elite Group of Companies, Bangladesh. Sircar, an astute professional, who has wide and varied industry experience internationally was a member is of the Executive Committee of Nepal India Chamber of Commerce and Industries ( NUCCI) and India Nepal Business Forum.
Shareholders commended the company’s Board and Management for the rapid improvements in all performance indicators within the last one year. A shareholder, Mr Lawrence Oguntoye who urged the company to sustain its outstanding performance expressed concern on the effects of taxation on the manufacturers in Nigeria.
Ayida attributed the company’s performance to collective efforts of the board, management and secretariat. He reiterated the company’s commitment towards value creation and assured shareholders of more opportunities for robust engagement with the stakeholders. According to him, a help desk has been put in place to reinforce secretariat’s communication with the shareholders. He assured shareholders that the company’s ultra-modern plant would be commissioned soon.
Speaking on the corporate strategy, he noted that the key anchor were a clear and integrated customer-focused global strategy, an innovative business model, organisation restructuring for resilience, sustainability and perpetuity, and retooled human capital and talent management.