Shareholders of Berger Paints of Nigeria Plc, have approved the payment of N202.88 million as a dividend at the rate of 70 kobo per share proposed by the company.
Shareholders of Berger Paints of Nigeria Plc have commended its Board and Management over the Company’s impressive performance despite the tough operating environment.
At its 63rd Annual General Meeting (AGM) Wednesday in Lagos,
the shareholders endorsed the Company’s dividend policy, which has been
consistent for the past 10 years. The firm recorded a profit of N208.6 million
in 2022, as against N135.6 million, an increase of 53percent.
The shareholders approved the payment of N202,876,413 as
dividend at the rate of 70 kobo per share as against 40 kobo paid in the
preceding year while the appointment of Alaba Fagun as the Managing Director
and Chief Executive Officer was unanimously approved at the meeting.
A shareholder, Olowolafe Kehinde, who appreciated the
performance of Berger Paints despite the business environment.
said: “Despite the economic issue that is affecting us in
this nation and also many companies’ operations, our revenue grew from N4.9billion
to N6. 9billion, representing 28percent increase. Profit After Tax also grew
from N135.6million to N208.6million, also an increase of 53percent. Going
forward, our earnings per share grew from 47kobo to 72kobo. Also, our net
assets grew. 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. Thanking the board and the management for
their roles in growing the business .
Abi Ayida, chairman, Berger Paints said 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.
Speaking about the setting up of a new subsidiary called
Swift Painting, Ayida said that it would be a valued added service, designed to
be faster and more consistent than the manual painting process.
Alaba Fagun, Managing Director and Chief Executive Officer,
Berger Paints 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 optimisation and
satisfaction of all stakeholders,” said Fagun.
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