• Monday, July 22, 2024
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Berger Paints to pay shareholders N202m dividends

Shareholders laud Berger Paints dividend payout

Shareholders of Berger Paints Nigeria Plc will receive a final dividend of N202.88 million for the financial year ending December 2022, representing a total dividend of 70 kobos per share declared by the paint firm.

According to Nigerian Exchange Limited, the company’s board of directors has pursuant to the powers vested in it by the provisions of section 426 of the Companies and Allied Matters Act (CAMA 2020) of Nigeria proposed a final dividend of 70 kobos per share for the financial year 2022.

The statement signed by the company said that on May 24, 2023, dividends will be paid electronically to shareholders whose names appear on the Register of Members as of April 26, 2023, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.

Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on the website of the Registrars.

Shareholders with dividend warrants and share certificates that have remained unclaimed, or are yet to be presented for payment or returned for validation are also advised to complete the e-dividend registration or contact the Registrar.

Read also: Transcorp Hotels pays N1.3bn dividend

Berger Paints Plc audited report for the full year ended December 2022 showed pretax profit grew by 100 percent in the full year to N355.579 million from N178.089 million last year.

This is on the back of increasing inflation which the economy continues to battle. The headline inflation rate rose to 21.91 percent in February 2023 compared to 21.82 percent recorded in the preceding month of January.

The National Bureau of Statistics (NBS), said looking at the trend, the February 2023 inflation rate showed an increase of 0.09 percent points when compared to January 2023 headline inflation rate.

However, due to a 246 percent growth in income tax expenses to N146.909 billion from N42.454 billion in 2021, profit after tax rose by 54 percent to N208.670 million from N135.6356 million reported last year.

The paint company reported a 28 percent growth in revenue to N6.331 billion from N4.964 billion in 2021.