Berger Paints Nigeria PLC has revealed strategies and interventions aimed at improving its operational processes for long-term sustainable growth.
The company’s board disclosed the plans to shareholders at its 59th Annual General Meeting held in Lagos.
Strategic Initiatives in Detail: According to the company, the areas of strategic initiative encompassing structure, people, processes, and digital operations, were derived from a comprehensive assessment of the company for future competitiveness.
The company’s Chairman, Abi Ayida, stated that the initiatives were decided following consultations with the company’s various units and stakeholders. He asserted the assessment process underscore the company’s need to reposition for global competitiveness and sustainable Return on Investment.
“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.”
The chairman identified the key anchors of the company’s restructuring to be a clear and integrated customer-centered global strategy, an innovative business model, organisation restructuring for resilience, sustainability, and perpetuity and retooled human capital and talent management.
More to come for Shareholders: Adiba reaffirmed the company’s dedication to value creation, assuring shareholders of more opportunities for robust engagement with shareholders. He said a help desk has been created to ease the secretariat’s communication with shareholders.
He promised shareholders that the company’s ultra-modern plant would be commissioned soon.
Shareholders Impressed by 2018 Result: Shareholders approved payment of cash dividend of N188.39 million for 2018 business year, translating to 65 Kobo dividend per share. Turnover grew to N3.38 billion from N3.01 billion posted in the same period in 2017, representing a rise of 12%. Equally, Profit Before Tax increased by 33.8% N339.5 million recorded in 2017 to N454.3 million.
Shareholders gave credit to the board and management for the improvements in all the performance indicators.