Finance

Berger Paints’ shareholders ratify proposed 40k dividend

Berger Paints’ shareholders ratify proposed 40k dividend

Shareholders of Berger Paints Nigeria Plc have endorsed the 40 kobo dividend per ordinary share proposed by the company’s board for 2021 financial year and praised the company for upholding the tenets of corporate governance.

According to its 2021 financial results, its revenue went up by 29 per cent from N3.83 billion in 2020 to N4.96 billion in 2021 while its Gross Profit inched up by 12 per cent from N1.41 billion in 2020 to N1.58 billion in 2021.

However, the company’s profit after tax (PAT) fell to N135.64 million as against N146.028 million posted in 2020 due to the high cost of doing business.

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Despite this, the company declared a gross dividend of N115,929,379 which translates into 40 kobo per share to reward its shareholders.

Speaking during the Annual General Meeting (AGM) which held recently, shareholders, while commending the company, said that despite the insecurity, forex scarcity, stagflation and other macroeconomic vagaries, the firm has done well in declaring dividend.

However, the company’s profit after tax (PAT) fell to N135.64 million as against N146.028 million posted in 2020 due to 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.

Speaking during the Annual General Meeting (AGM) which held recently, shareholders, while commending the company, said that despite the insecurity, forex scarcity, stagflation and other macroeconomic vagaries, the firm has done well in declaring dividend.

A shareholder and the immediate Past President, Noble Shareholders Association, Chief Timothy Adesiyan, said the company’s ability to pay dividend this year indicated its passion for shareholder value and commended the board and management for upholding the tenets of corporate governance.

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Corroborating him, another shareholder and National Coordinator, Pragmatic Shareholders Association of Nigeria, Bisi Bakare, expressed confidence in the board and management that the company had strong capacity to move to generate more shareholder value, regardless of the nature of the operating environment.

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Responding, the Chairman, Berger Paints, Abi Ayida, thanked the shareholders for appreciating the company’s efforts and assured them that measures had been put in place to enhance the firm’s competitive edge.

While noting that the current performance indicated resilience and signaled a brighter future, Ayida said: “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, and reinforced our succession planning process, while focusing on eliminating wastages.

Sunnews

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