Dr Oladimeji Alo, Chairman Berger Paints Plc has assured that the company would sustain its profitability and returns to shareholders even in the face of the challenging economic environment.
He said that the company in 2015, made significant progress despite the challenging operating environment characterized by decline in the world crude oil prices, controversial exchange rate regime and delay in 2016 budget approval.
Addressing the company’s shareholders recently at the company’s annual general meeting in Lagos, Alo said that In spite of the challenging operating environment, the Company has sustained growth and profitability, creating more value for shareholders and stakeholders.
“Our Profit before Tax (PBT) grew from N 249.3 million in 2014 to N 565.2 million in 2015, representing a 126.7 per cent increase” he said.
Alo said that as part of the strategy to sustain the its competitive edge, the company would be focusing more on increase in the earnings and profitability, optimization of existing assets and business operations, commissioning of the new factory, investment in the leading brands, entering new categories with emphasis on Nano Castings, and driving efficient financial management among others.
The company’s shareholders approved the board’s dividend proposal of N 217, 367, 585, reflecting 75 kobo per share to shareholders whose names were in the company’s register by the date of its closure.
The shareholders also expressed support for the company’s automated plant, the first of its kind in sub-Saharan Africa. The factory which is of global standard is expected to boost the company’s production capacity and increase significantly its operational efficiency.
Shareholders generally commended the board and management for the company’s ability to sustain its operations despite the inclement operating environment. They assured the board and management of continued collaborative efforts.
Berger Paints Nigeria Plc commenced operations in Nigeria on January 9, 1959 and has become a leader in the Coating and Allied industry in Nigeria. The company’s track records include being the first paints manufacturer to be established in Nigeria, the first paints company to be quoted on The Nigerian Stock Exchange and the first paints researcher to introduce textured coating named Texcote to the Nigeria market.