Article Summary
- Berger Paints shareholders N202.88 million as dividends at the rate of 70 kobos per share.
- The shareholders also approved the appointment of Mrs. Alaba Fagun as the Managing Director and Chief Executive Officer unanimously at the meeting.
- 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 an influx of substandard products.
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.
The dividend which was approved at the company’s 63rd Annual General Meeting (AGM), in Lagos was against 40 kobos paid in the preceding year.
The shareholders also approved the appointment of Mrs. Alaba Fagun as the Managing Director and Chief Executive Officer unanimously at the meeting.
Addressing shareholders at the meeting, the Chairman, Abi Ayida 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.
The Managing Director and Chief Executive Officer, Alaba Fagun, noted that the challenges of the 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 an 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 guarantee that our investments in people and technology would ensure sustainable value optimization and satisfaction of all stakeholders.”, said Fagun.
Shareholders who endorsed the Company’s dividend policy commended the company’s performance and consistent dividend payments for the past 10 years.
- Olowolafe Kehinde said: “Despite the economic issue that is affecting us in this nation and also many companies’ operations, our revenue grew from N4.9 billion to N6. 9 billion, representing a 28% increase. Profit After Tax grew from N135.6 million to N208.6 million, also an increase of 53%.
- Our earnings per share grew from 47k to 72k. 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.