A total of 162 shareholders of Berger Paints Nigeria Plc voted to approve the payment of the company’s final dividend of N1 per 50 kobo ordinary share at its 65th Annual General Meeting, held in Lagos on May 22, 2025.
This represents a 100% approval rate, with no objections recorded from shareholders whose combined holdings amount to 57,942,847 shares.
The final dividend, amounting to N289.8 million, was paid to eligible shareholders, bringing the total payout for the 2024 financial year to N347.8 million, or N1.20 per share.
Also at the meeting, shareholders approved the disclosure of the company’s managers’ remuneration for the 2024 financial year, at N219.52 million.
- It was further unanimously resolved that the Board of Directors be authorized to fix the remuneration of directors at a sum not exceeding N300 million.
Additionally, shareholders voted to receive the audited financial statements for the year ended December 31 2024, which include the company’s performance, as well as reports from the auditors, board appraisers, and the audit committee.
Comments on performance
Reflecting on Berger Paints’ performance for the 2024 financial year, Group Managing Director Mrs. Alaba Fagun highlighted innovation as a key driver of the company’s growth strategy.
“Innovation and research continue to be at the heart of our growth,” she said. “During the year, we launched Luxol Green, an eco-friendly paint product that has strengthened our position in the industry.”
Mrs. Fagun also hinted at a collaboration with Innovate UK aimed at reducing waste by extending the shelf life of expired paints through valorization.
She noted that the company managed to navigate the inflationary pressures of 2024 and maintained its focus on innovation, which it expects will support steady growth and provide value for stakeholders.
Chairman Mr. Abi Ayida echoed this optimism, expressing confidence in the company’s future.
“I am very bullish on Berger Paints’ growth prospects. We are investing more resources into research and development to meet both current and future customer needs,” he remarked.
“Commenting on the final dividend payout, Mr. Ayida added, “Our N1.20 dividend for FY 2024 represents a 20% increase over the previous year, demonstrating our commitment to delivering shareholder value alongside sound financial management.”
First quarter performance
Berger Paints reported a pre-tax profit of N469.7 million in its Q1 2025 statements, up 128% from N205.7 million in Q1 2024, supported by revenue growth.
- Revenue increased by 23%, reaching N2.97 billion for the quarter, with sales of paints and allied products accounting for 98.27% of the total, while contract services made up the remainder.
On the balance sheet, retained earnings grew to N3.3 billion, up from N3.04 billion, contributing to total equity of N4.1 billion.
The group’s total assets for the quarter reached N7.7 billion, with inventories (current assets) at N3.1 billion and property, plant, and equipment (non-current assets) at N2.5 billion, representing the majority of total assets.
