Shareholders of Berger Paints Nigeria (BPN) Plc, have approved the total dividend payment of N347.8 million for the financial year ended December 31, 2024.
They gave their approval at the Company’s 65th Annual General Meeting (AGM) held in Lagos.
The dividend comprises N1.00 final dividend for the 2024 financial year, bringing the total dividend payout to N1.20 per share.
The frontline manufacturer of paints and allied products, which had previously distributed an interim dividend of 20 kobo per share, demonstrated remarkable resilience with impressive financial results for the year ended December 31, 2024.
Berger Paints recorded a revenue of N10.8 billion, representing a substantial 36 per cent increase over the N7.9 billion achieved in the previous year.
Operating profit showed even stronger growth, surging by 49 per cent from N751 million to N1.12 billion, while profit after tax reached N610.8 million, marking a notable 37 per cent year-on-year increase despite the tough business environment.
The company’s core business of paints and allied products was the primary driver behind this exceptional performance, signalling robust organic growth in its primary market segments.
During the event, shareholders expressed their appreciation for the management’s strategic direction. Speaking on behalf of shareholders, Comrade Lawrence Oguntoye, highlighted the significance of the Company’s dividend policy amid economic uncertainties.
“At this tough economic trajectory, Berger Paints is able to pay an interim and final dividend,” Oguntoye stated.
The chairman of Berger Paints, Mr. Abi Ayida reassured shareholders that BPN had developed robust strategies to ensure business continuity regardless of external challenges.
He expressed confidence in the company’s future growth prospects, saying “these outstanding results underscore the effectiveness of our strategic initiatives and the unwavering commitment of our management team and employees.
“I am very bullish on the growth prospects of BPN. We have devoted more resources to research and development to drive innovation. Our company remains fully committed to sustain our upward trajectory,” Ayida emphasized.
Group managing director and chief executive officer, Berger Paints, Alaba Fagun, reinforced this positive outlook by outlining the company’s forward-looking approach to market development and operational excellence.
“We are thoughtfully evaluating opportunities to strengthen our market position through optimised distribution channels, focusing on areas with growth potential. Our ongoing efficiency improvements across operations help us navigate cost pressures while maintaining the standards our customers expect.
“We engage in selective collaborations that align with our long-term vision, including sustainability initiatives that create both environmental and business value. We shall continue to invest in technology solutions.”
She further highlighted the company’s digital transformation efforts, saying that “the implementation of digital solutions across our business network has simplified key processes, benefiting our partners and customers alike.
“Our forward-looking practices include regular review processes that incorporate changing market indicators, allowing for timely adjustments to operational strategies when necessary. As BPN moves forward, the company remains committed to innovation, operational excellence, and creating sustainable value for all stakeholders in Nigeria’s competitive paint industry.”
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