Berger Paints Nigeria (BPN) Plc shareholders have approved the proposed 100 kobo final dividend for the 2024 financial year, bringing the total dividend pay-out to N1.20 per Ordinary Share of 50 kobo each.
This translates to a total distribution of N347.8m, reflecting the company’s strong performance despite challenging market conditions.
The 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.
The Company’s Chairman, Mr. Abi Ayida speaking at the company’s 65th Annual General Meeting 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.
“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, Alaba Fagun reinforced the 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 stating, “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.”
During the AGM, shareholders expressed their appreciation for the management’s strategic direction.
A shareholder, Comrade Lawrence Oguntoye, while moving the motion to approve the final dividend, 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. 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, Mr. Raj Mangtani and Dr. Ogechi Iheanacho, who had retired by rotation, with all resolutions receiving approval from shareholders.
BPN recorded a revenue of N10.8bn, representing a substantial 36 per cent increase over the N7.9bn achieved in the previous year.
Operating Profit showed even stronger growth, surging by 49 per cent from ₦751m to ₦1.12bn, while Profit After Tax (PAT) reached ₦610.8m – marking a notable 37 per cent year-on-year increase.
