Berger Paints Plc has released its financial statements for FY 2023. During the year, the company posted a profit before tax of N777.6 million, representing a 119% increase from the N355.6 million recorded in 2022.
The group recorded a revenue of N7.91 billion in 2023, marking a 25% increase from the N6.33 billion recorded in 2022. In Q4 2023, the company recorded a revenue of N2.49 billion, which was a year-on-year growth of 38% from the N1.81 billion recorded in Q4 2022.
During the year, the company recorded a net income of N528.74 million in 2023, representing a 153% increase from the N208.67 million recorded in 2022.
Key Highlights FY 2023 (FY 2022, % Change)
- Revenue: N7.91 billion (N6.33 billion, +25%)
- Cost of Sales: N5.32 billion (N4.33 billion, +23%)
- Gross Profit: N2.59 billion (N2.01 billion, +29%)
- Operating Profit: N881.31 million (N386.02 million, +128%)
- Net finance income: -N103.75 million (N1.77 million, -5968%)
- Profit before taxation: N777.56 million (N355.58 million, +119%)
- Profit for the period: N528.74 million (N208.67 million, +153%)
- Earnings per share: 182 kobo (72 kobo, +153%)
- Total Assets: N6.61 billion (N5.53 billion, 20%)
What you should know
In 2023, Berger Paints recorded a revenue of N7.6 billion from the sale of paints and allied products, while it recorded a revenue of N306.5 million from its contract services.
Like other manufacturing companies in Nigeria, Berger Paints suffered a loss due to the Naira revaluation, which amounted to N96.34 million, a cost significantly higher than N617,000 loss suffered by the company in 2022.
Berger Paints paid an interim dividend of N0.20 per share in 2023, after paying a dividend of N0.70 in 2022. It remains to be seen what final dividends the company’s board will agree upon in 2023.
In the NGX, the company’s shares have also appreciated by 21.5% year-to-date, closing at N15.80 on Friday, January 26.
