Berger Paints pays N347.8m dividend, assures growth prospects

Berger Paints Nigeria Plc has paid N347.8million total dividend following shareholders unanimous approval of the 100 kobo final dividend for the 2024 financial year, bringing the total dividend payout to N1.20 per Ordinary Share of 50 kobo each.

This dividend payment reflects the company’s strong performance despite challenging market conditions.

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.

In 2024 financial year, Berger Paints Nigeria Plc recorded a revenue of N10.8 billion, representing a substantial 36 percent increase over the N7.9 billion achieved in the previous year.

Operating profit showed even stronger growth, surging by 49 percent from N751 million to N1.12 billion, while Profit After Tax (PAT) reached N610.8 million – marking a notable 37 percent 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 company’s 65th Annual General Meeting, shareholders expressed their appreciation for the management’s strategic direction.

Lawrence Oguntoye, a shareholder while moving the motion to approve the final dividend, highlighted the significance of the company’s dividend policy amid economic uncertainties.

Related News

“At this tough economic trajectory, Berger Paints is able to pay an interim and final dividend. I want to appreciate the Board and Management for this exemplary performance,” Oguntoye stated.

This sentiment was echoed by another shareholder, Olugbosun Banji, who also commended the company’s performance. The meeting also saw the re-election of two directors, Raj Mangtani and Ogechi Iheanacho, who had retired by rotation, with all resolutions receiving approval from shareholders.

Abi Ayida, chairman, Berger Paints Nigeria Plc reassured shareholders that the company had developed robust strategies to ensure business continuity regardless of external challenges. He expressed confidence in the company’s future growth prospects.

“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 emphasised.

Alaba Fagun, group managing director and chief executive officer, Berger Paints Nigeria Plc 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.

“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 Berger Paints Nigeria Plc moves forward, the company remains committed to innovation, operational excellence, and creating sustainable value for all stakeholders in Nigeria’s competitive paint industry”, Fagun added.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.