• Monday, July 22, 2024
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Berger Paints rakes in 281% surge in investment income

Berger Paints rakes in 281% surge in investment income

Berger Paints, a paint and coating manufacturing company has recorded a 281 percent increase in investment income for the nine months of 2023.

The firm’s investment income increased to N3.85 billion in 9M’2023 from N1.01 billion in the same period of 2022.

Berger Paints’ finance cost surged to N3.77 billion in 9M’2023 from N2.39 billion in the similar period of 2022.

The firm’s profit for the period increased to N9 billion in 9M’2023 from N6.96 billion in the same period of 2022.

Other gains and losses increased to N6.53 billion in 9M’2023 from N5.39 billion in the same period of 2022.

Berger Paints’ other gains and losses consist of proceeds from the disposal of PPE which stood at N3.63 billion in 9M’2023 from N499.84 million in the same period of 2022.

Net foreign exchange gain dropped to N2.9 billion in 9M’2023 from N4.89 billion in the same period of 2022.

Berger Paints revenue grew to N333.4 billion in 9M’2023 from N309.81 billion in the same period of 2022.

In the same vein, the firm’s cost of sales rose increased to N272.41 billion in 9M’2023 from N259.67 billion in the same period of 2022.

Read also: Berger Paints champions girl child education and teacher recognition

Marketing expenses surged to N612 million in 9M’2023 from N89.76 million in the same period of 2022.

Administrative expenses rose to N42.39 billion in 9M’2023 from N34.64 billion in the same period of 2022.

Berger Paints’ impairment on trade and tax receivables increased to N3.37 billion in 9M’2023 from N2.63 billion in the same period of 2022.

Income tax expenses incurred amounted to N6.05 billion in 9M’2023 from N5.2 billion in a similar period of 2022.

Inventories grew to N55.99 billion in 9M’ 2023 from N43.71 billion in the same period of 2022.

Total borrowings surged to N24.4 billion in 9M’2023 from N3.59 billion in the same period of 2022.

Total assets surged to N649.35 billion from N528.79 billion while total equity grew to N85.93 billion from N51.28 billion.

Read also: Berger Paint grows profits by 136% to N299 million

Berger Paints’ total liabilities surged to N563.42 billion in 9M’2023 from N477.51 billion in the same period of 2022.

Cash flows from operating activities amounted to a positive of N64.61 billion in 9M’2023 from a negative of N22.51 billion in the same period of 2022.

Net cash from investing activities stood at a positive of N5.13 billion in 9M’2023 from a negative of N16.69 billion in the same period of 2022.

Net cash from financing activities stood at N9.83 billion in 9M’2023 from a negative of N8.9 billion in the same period of 2022.

Earnings per share stood at N5.63 per share in 9M’2023 from N4.35 per share in the same period of 2022.

Berger Paints Plc is a manufacturing company in Nigeria producing paint, surface coating, and allied products for the residential, commercial, marine, and industrial sectors.

The firm has products that range from decorative/architectural finishes, industrial coatings, marine and protection coatings, automotive/vehicle finishes, and wood finishes and preservers.