Berger Paints Nigeria Plc has filed its unaudited financial statements for Q1 ended March 31, 2026, reporting a pre-tax profit of N693.1 million, up from N469.7 million year-on-year.
The performance was driven by stronger revenue generation, with quarterly sales rising to N3.3 billion from N2.9 billion, as paint and allied products accounted for 99% of total sales.
Apart from revenue, operating expenses were well managed, alongside other income and a net finance income which rose to N29.9 million from N6.2 million, contributing to bottom-line profitability.
Hence, earnings per share jumped to N1.58 from N1.07, while retained earnings on the balance sheet increased to N4.6 billion from N4.2 billion, reflecting profits retained within the business.
Key highlights (Q1 2026 vs Q1 2025)
- Revenue: N3.38 billion, up 13.90% YoY
- Cost of sales: N1.8 billion, up 7.05% YoY
- Gross profit: N1.5 billion, up 22.83% YoY
- Selling and distribution expenses: N75.7 million vs N160.7 million
- Operating profit: N663.2 million, up 43.08% YoY
- Net finance income: N29.9 million, up 381.42% YoY
- Pre-tax profit: N693.1 million, up 47.55% YoY
- Retained earnings: N4.6 billion, compared to N4.2 billion YoY
Driving the numbers
A breakdown of the income statement shows that paint and allied products generated N3.6 billion, while contract services contributed N21.7 million, with rebates of N276.3 million, bringing total revenue down to N3.3 billion.
- Cost of sales rose to N1.8 billion from N1.6 billion, largely driven by raw materials and consumables, but gross profit still improved to N1.5 billion, up 22.83% year-on-year from N1.2 billion.
Beyond core paint sales, other income rose to N23.9 million, largely supported by proceeds from scrap sales, adding a modest boost to overall performance.
- After factoring in lower selling and distribution expenses of N75.7 million and administrative expenses of N871.9 million, operating profit strengthened to N663.2 million, up 43.08% year-on-year.
Net finance income also improved to N29.9 million from N6.2 million, lifting pre-tax profit to N693.1 million, which translated directly into post-tax profit given the absence of tax charges.
- On the balance sheet, total assets rose to N10.04 billion from N9.06 billion, supported mainly by property, plant and equipment, inventories, and financial assets.
- On the liabilities side, trade and other payables of N2.3 billion accounted for the bulk of obligations, pushing total liabilities up to N4.5 billion from N4.07 billion.
Retained earnings closed at N4.6 billion, forming the largest component of equity, which improved to N5.4 billion from N4.9 billion in the prior period.
Market reaction
Berger Paints Nigeria Plc shares have yet to fully react to the Q1 2026 results, trading flat in mid-session on April 23, 2026, at N68.35 per share.
Year-to-date, the stock remains up 42.40% on the Nigerian Exchange, with over 22 million shares exchanged so far.
