Berger Paints’ Shareholders Approve Dividend, Commends Management
Shareholders of a leading manufacturer of coated paints, Berger Paints Nigeria Plc have unanimously approved the 40 kobo dividend per ordinary share proposed by the company’s board for 2021 financial year as they expressed confidence 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 increased by 12 percent fromN1.41 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, Nigerian Shareholders Association, Chief Timothy Adesiyan, said the company’s ability to pay dividend this year indicated its passion for shareholder value.
Adesiyan opined that the company’s performance was excellent against the background of the harsh operating environment and commended the Board and Management for upholding the tenets of corporate governance.
Another shareholder and National Coordinator, Pragmatic Shareholders Association of Nigeria, Mrs Bisi Bakare, corroborated Adesiyan by expressing confidence in the Board and Management, adding that the company had strong capacity to move to generate more shareholder value regardless of the nature of the operating environment.
The company’s Chairman, Abi Ayida applauded 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. Ayida posited 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,” Ayida emphasized.