Berger Paints Nigeria Plc Proposes 80 Kobo Final Dividend


Plans Ratification of Interim Dividend

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Berger Paints Nigeria Plc has announced a proposed final dividend of 80 kobo per share for its shareholders, pending approval at the company’s 64th Annual General Meeting (AGM) scheduled for Tuesday, May 14, in Lagos.

The proposed dividend, totaling N232 million, marks an increase from the N203 million paid in 2022, bringing the total dividend for the review period to N1 per share.

Additionally, the company will seek ratification of an interim dividend payment of 20 kobo per share, amounting to N58 million, at the AGM.

Highlighting the company’s performance for the 2023 financial year, Berger Paints Nigeria Plc reported a profit of N468 million, up from N208 million in 2022. Basic earnings per share surged from 72 kobo to 162 kobo, reflecting a remarkable 125 percent increase.

Alaba Fagun, Managing Director and Chief Executive Officer of Berger Paints Nigeria Plc, attributed the outstanding performance to the company’s strategic rebranding efforts, adoption of modern technology to ensure product quality, and the presence of a robust human capital.

Fagun emphasized Berger Paints’ commitment to customer satisfaction and underscored the company’s resilience amidst challenges faced in the operating environment.

Reviewing other performance indicators, Berger Paints recorded a 25 percent increase in revenue, reaching N7.97 billion. Operating profit surged by 101 percent to N774.74 million, while total assets grew by approximately 20 percent, reaching N6.61 billion.

Looking ahead, Fagun expressed the company’s determination to expand its market share, enhance operational efficiency, and innovate to deliver exceptional service to customers.

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