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Berger Paints optimistic as profit grows by 40%

June 26, 2020

 588     513

Berger Paints Nigeria Plc remains optimistic that it will sustain its growth trajectory in spite of the COVID-19 pandemic and other operating challenges as the paints-manufacturing company grew net profit by 40 per cent in 2019.

 

At the annual general meeting (AGM) of the company, which was held by virtual attendance through proxy, yesterday in Lagos, the board and management of Berger Paints assured shareholders that ongoing strategic initiatives would drive further growths in sales and profitability.

 

Chairman, Berger Paints Nigeria Plc, Mr Abi Ayida said the improved performance of the company was driven by a re-refocusing on production of primary products, corporate foresight and innovativeness and huge investment in automated factory among others.

 

Key extracts of the audited report and accounts of Berger Paints for the year ended December 31, 2019 showed that turnover rose from N3.3 billion in 2018 to N3.5 billion in 2019. As internal efficiency improved, operating profit increased by 196 per cent between 2017 and the end of 2019 while it recorded an upward movement in all its key performance indicators in the review period. Gross profit grew by 12 per cent from N1.48 billion to N1. 664 billion while net profit grew by 40 per cent from N320 million to N448.7 million

 

Ayida said the moderate growth in revenue was intended as deferred scale achievement to maintain focus on operational efficiency noting that while the operating environment was challenging last year, the company was able to record upward movement across all its financial indices.

 

He expressed gratitude to the shareholders and assured them of greater performance,  irrespective of the state of operating environment.

 

“The lockdown has brought significant level of uncertainties to the global business environment. We have analyzed COVID-19 and determined to brace up. Our first approach is preservation of capital. This informed our decision to declare a modest dividend of 25 kobo per share for the review period. Our position is that it is better to err on the side of prudence. Our huge investment in automated factory is part of our growth strategy. Our efforts shall continue to pay off, the company’s future is bright,” Ayida said.

 

He said the company will soon activate its subsidiary in Ghana, although the conditions imposed on foreign companies by Ghanaian government at the moment are not encouraging.

 

Shareholders commended the company’s financial performance and its heavy investment in automated factory as an index of growth strategy. But they urged the board and management to increase the dividend of 25 kobo per share next year and also map out strategy to cope with the impacts of COVID-19 which has become inevitable.

 

A shareholder, Comerade Lawrence Oguntoye, described the company’s performance as excellent against the backdrop of tough operating environment last year. He attributed the stellar performance to the company’s resilient, visionary and focused leadership.

 

Another shareholder, Mr Egunde Moses who also commended the company’s performance urged the board and management to put strategies in place for optimal performance despite the COVID-19 pandemic.



Comments

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k


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Ok


Post by Ifeomacna on 29 June 2020, 23:45 pm

This is the spirit,Berger's Paint Nigeria PLC for being optimistic that it will sustain it's growth despite covid-19 pandemic and operative challenges.


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ok


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Okay


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the board and management of Berger Paints assured shareholders that ongoing strategic initiatives would drive further growths in sales and profitability.


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cool


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Nice update


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Well done


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Wishing you success in all


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Good


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Good


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Applouse


Post by Sammy42 on 29 June 2020, 05:14 am

He said the company will soon activate its subsidiary in Ghana, although the conditions imposed on foreign companies by Ghanaian government at the moment are not encouraging.


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Okay


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Ok


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Grown


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Ok


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Ok


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the moderate growth in revenue was intended


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Move on


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Hmmmm


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Hmmmm


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Good performance they should keep it up


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Increases everywhere


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Nice


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Good


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Ok


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Good


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Good performance, keep it up


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Thanks for the update


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Okay


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Ok


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ok


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Important... One good thing ever


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Good


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K


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Okay


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great


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Nice


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Ok


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Ok


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Okay


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Thanks for the update


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Hmm


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Nice


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ok


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Nice


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Nice


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Nice


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Ok


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Ok


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k


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Nice


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Nice


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Nicr


Post by Callie23 on 28 June 2020, 10:01 am

Nice profit margin amidst this Coronavirus


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Okay


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Good


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That's good for them


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Ok


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Ok


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That's wonderful


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Good


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Fine


Post by Ebydollar on 28 June 2020, 05:30 am

goood


Post by Udybliss1 on 28 June 2020, 05:26 am

Ayida said the moderate growth in revenue was intended as deferred scale achievement


Post by Joyousgraphix on 28 June 2020, 03:58 am

Okay


Post by Davinic on 28 June 2020, 01:56 am

Ok


Post by Odiespaul on 28 June 2020, 01:48 am

Good for Berger Paints


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What a great achievement for them, that's very good n exciting


Post by Philip01 on 28 June 2020, 01:27 am

Ok


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Okay


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this company is performing well


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Nice


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Its a progress to rhem


Post by LupitaK2020 on 27 June 2020, 23:52 pm

Awesome efforts


Post by Praise on 27 June 2020, 23:27 pm

Good for them they should try more


Post by Praise on 27 June 2020, 23:27 pm

Good for them they should try more


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Nice update


Post by kayjee3 on 27 June 2020, 21:53 pm

Fantastic


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Thanks for the update


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Fantastic


Post by Soft on 27 June 2020, 19:44 pm

Okay


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Excellent performance from them


Post by Kuekue on 27 June 2020, 19:30 pm

There's money in the business world


Post by Queen on 27 June 2020, 19:27 pm

Okay


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Ok


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Alright


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Ok


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Very nice


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Cool


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Nice update


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Nice update


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Ok


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Okay


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Okay


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Okay


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A nice flow


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Really


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Excellent performance from them


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Good


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That's good


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Good


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Good


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Good


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Good


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Okay


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Okay


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Ok


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Amazing


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Good


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Nice


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Good


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Ok


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Kk


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Wonderful


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Good


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Good


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Nice one


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Good


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Nice


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very nice to hear


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Good


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Nice


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Okay


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Nice


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Ok


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Thanks for the update


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Good


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Thanks


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That's gr8 news


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Amazing


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Okay


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Great


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Good


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Good one


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Cool


Post by Olabala322 on 27 June 2020, 07:22 am

Good news


Post by Afunwa on 27 June 2020, 07:20 am

Nice


Post by Rhymzo123 on 27 June 2020, 07:15 am

corporate foresight and innovativeness and huge investment in automated factory among others


Post by Abigailujunwa on 27 June 2020, 06:57 am

He expressed gratitude to the shareholders and assured them of greater performance,  irrespective of the state of operating environment.  


Post by Anitajude on 27 June 2020, 06:57 am

He expressed gratitude to the shareholders and assured them of greater performance,  irrespective of the state of operating environment.  


Post by Leshigbe on 27 June 2020, 06:36 am

ok


Post by INOKETIM on 27 June 2020, 06:35 am

Waw


Post by Ekemeziefide on 27 June 2020, 06:32 am

Okay


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OK


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nice


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Nice


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Wow good one


Post by loyalgodfrey on 27 June 2020, 06:07 am

No doubt


Post by Salay on 27 June 2020, 06:07 am

Good


Post by Glowreyah on 27 June 2020, 05:59 am

Tanks for the update


Post by Davinic on 27 June 2020, 05:34 am

Ok


Post by Nnamdi on 27 June 2020, 05:32 am

Ok


Post by Udybliss1 on 27 June 2020, 05:28 am

the operating environment was challenging last year, the company was able to record upward movement across all its financial indices.


Post by Ifyobi on 27 June 2020, 05:13 am

Okay


Post by Santiagojr on 27 June 2020, 05:09 am

Okay


Post by emmaokonkwobet24 on 27 June 2020, 05:00 am

Pandemic


Post by Philip01 on 27 June 2020, 04:59 am

Ok


Post by Yungpresidoo on 27 June 2020, 04:39 am

Nice update


Post by Kingsley289 on 27 June 2020, 04:18 am

Fantastic


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Ok


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Thanks for the update


Post by sundayisaiah on 27 June 2020, 03:03 am

This is a result of the quality over time


Post by Roland on 27 June 2020, 02:48 am

Ok


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Nice


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Thanks for the information


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Okay


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What a good update


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Great


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Okay


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Nice


Post by Dharmmhie Lexzy on 27 June 2020, 01:54 am

Cool


Post by Mafhau on 27 June 2020, 01:43 am

As internal efficiency improved, operating profit increased by 196 per cent between 2017 and the end of 2019


Post by Pajoerian on 27 June 2020, 01:41 am

Interesting


Post by Emmanuel01 on 27 June 2020, 01:38 am

Interesting


Post by gizobwoi on 27 June 2020, 01:37 am

Good


Post by Abbarukkaiya on 27 June 2020, 01:34 am

Great


Post by Humblechild on 27 June 2020, 01:34 am

Thanks for the update


Post by Jesvic91 on 27 June 2020, 01:29 am

Great update


Post by Onmonyaboss on 27 June 2020, 01:27 am

Okay


Post by Mustinaas on 27 June 2020, 01:21 am

The is good turnover


Post by FelixZakaria on 27 June 2020, 01:14 am

Is a good one


Post by Ilemene on 27 June 2020, 01:14 am

Thanks so much guys kudos to you guys


Post by Edet on 27 June 2020, 01:10 am

K


Post by Debby123 on 27 June 2020, 00:51 am

That’s nice


Post by Realtim on 27 June 2020, 00:45 am

That nice


Post by Mykel king on 27 June 2020, 00:38 am

These guy get money


Post by Seunfoo5 on 27 June 2020, 00:37 am

This is nice


Post by Princemega on 27 June 2020, 00:36 am

Good


Post by opeyemi23 on 27 June 2020, 00:33 am

Okay


Post by Skdnzube on 27 June 2020, 00:28 am

Some companies are really favoured... No matter the circumstances


Post by Tyavsteveekene on 27 June 2020, 00:25 am

Okay


Post by Toluwase on 27 June 2020, 00:15 am

Okay


Post by Ekemeziefide on 27 June 2020, 00:13 am

Okay


Post by Cletus17 on 27 June 2020, 00:11 am

Wow nice


Post by Senator90 on 27 June 2020, 00:09 am

Nice update


Post by Ebuka2002 on 27 June 2020, 00:05 am

Thanks for the update


Post by subosco on 27 June 2020, 00:04 am

I wish them well


Post by kravin45 on 27 June 2020, 00:00 am

Awesome


Post by Sk8oxygen on 26 June 2020, 23:56 pm

Nice


Post by Erezy360 on 26 June 2020, 23:55 pm

Wow


Post by Atawodi on 26 June 2020, 23:44 pm

the company showed resilience and ended 2019 on a positive note.


Post by [email protected] on 26 June 2020, 23:43 pm

Nice


Post by Oladayo3 on 26 June 2020, 23:40 pm

Berger paint optimistic as profit grows 40 percent


Post by Meyor on 26 June 2020, 23:35 pm

Alright


Post by Joelokon on 26 June 2020, 23:18 pm

Nice


Post by Haqmanjr on 26 June 2020, 23:17 pm

Nicec


Post by Chisom782 on 26 June 2020, 23:17 pm

Good


Post by Regimented on 26 June 2020, 23:14 pm

Good


Post by Great206 on 26 June 2020, 23:14 pm

Good job


Post by Suliyat12 on 26 June 2020, 23:12 pm

Good one


Post by Babytata on 26 June 2020, 23:07 pm

Good


Post by Okeypaul on 26 June 2020, 23:07 pm

Very good


Post by Mhikel Jhago on 26 June 2020, 22:57 pm

Interesting news Nice update


Post by Mr Nyce on 26 June 2020, 22:52 pm

Thats a good turn over


Post by HorlamiArc on 26 June 2020, 22:46 pm

He expressed gratitude to the shareholders and assured them of greater performance, irrespective of the state of operating environment.


Post by Ummuhaneefah1 on 26 June 2020, 22:45 pm

Good one


Post by TeTiTaKa on 26 June 2020, 22:35 pm

Keep it up


Post by Chi145 on 26 June 2020, 22:31 pm

Ok


Post by Oladunni on 26 June 2020, 22:25 pm

Ok


Post by Sammini on 26 June 2020, 22:18 pm

Okay


Post by Velah on 26 June 2020, 22:08 pm

Good


Post by Chiwest on 26 June 2020, 22:02 pm

Great


Post by Franknero21 on 26 June 2020, 22:00 pm

Okay


Post by kingdomlexis on 26 June 2020, 22:00 pm

I congratulate them


Post by ICEBISHOP on 26 June 2020, 21:57 pm

Ok


Post by Glowreyah on 26 June 2020, 21:52 pm

Tanks for the update


Post by Etetim Happiness on 26 June 2020, 21:47 pm

It's good they are growing At least it'll bring about more employment opportunities and boost the economy of the Nation


Post by Jesvic91 on 26 June 2020, 21:45 pm

Thanks for the update


Post by Haybest on 26 June 2020, 21:40 pm

Good update


Post by Dano22 on 26 June 2020, 21:33 pm

Thanks for the update


Post by John1988 on 26 June 2020, 21:31 pm

Good


Post by Princeoj on 26 June 2020, 21:20 pm

Good one


Post by peace_Ife on 26 June 2020, 21:20 pm

Okay


Post by Ebydollar on 26 June 2020, 21:20 pm

good one


Post by Joyce1 on 26 June 2020, 21:17 pm

Good


Post by Embracez on 26 June 2020, 21:09 pm

Nice


Post by Abbex4441 on 26 June 2020, 20:50 pm

Good


Post by Abu Muiz on 26 June 2020, 20:27 pm

good


Post by Bolasco on 26 June 2020, 20:24 pm

The is good turnover


Post by Slowzzy62 on 26 June 2020, 20:23 pm

Okay


Post by Leshigbe on 26 June 2020, 20:22 pm

nice one


Post by Flare on 26 June 2020, 20:11 pm

Nice


Post by Nazee76 on 26 June 2020, 20:07 pm

Thanks for keeping me update on the latest


Post by Annie on 26 June 2020, 19:57 pm

Good one


Post by Salamijibirila on 26 June 2020, 19:47 pm

Hi


Post by Hammed14 on 26 June 2020, 19:41 pm

Nice


Post by Sassy on 26 June 2020, 19:06 pm

Nice


Post by Oyeyemiezekiel1313 on 26 June 2020, 19:03 pm

As internal efficiency improved, operating profit increased by 196 per cent between 2017 and the end of 2019


Post by harunaishola on 26 June 2020, 18:54 pm

That is good, thanks for the information


Post by Lekson22 on 26 June 2020, 18:54 pm

Thanks for keeping me update on the latest


Post by EmmanuelAnebi on 26 June 2020, 18:50 pm

Ok


Post by Kclight on 26 June 2020, 18:49 pm

Good


Post by Abenice85 on 26 June 2020, 18:47 pm

Thanks for keeping me update


Post by Kingjeffrey on 26 June 2020, 18:46 pm

Thanks for information


Post by Abenice on 26 June 2020, 18:37 pm

That is good, thanks for the information


Post by DonStrings on 26 June 2020, 18:37 pm

Ok


Post by Djayemjay on 26 June 2020, 18:34 pm

Nice


Post by bensonmfon on 26 June 2020, 18:33 pm

Nice


Post by Kalason on 26 June 2020, 18:23 pm

That is good, thanks for the information


Post by Sawce on 26 June 2020, 18:21 pm

Ok


Post by Lateef44 on 26 June 2020, 18:08 pm

Coool


Post by David Desmond on 26 June 2020, 18:07 pm

Good


Post by daniel on 26 June 2020, 17:56 pm

Ok


Post by Mrfemac on 26 June 2020, 17:55 pm

Good to know


Post by ibrahimyasir on 26 June 2020, 17:27 pm

Good


Post by Wapzeepaul on 26 June 2020, 17:20 pm

Good


Post by Sylva_Uk on 26 June 2020, 17:19 pm

Ok


Post by Hasiya on 26 June 2020, 17:12 pm

Ok


Post by bilz102 on 26 June 2020, 17:11 pm

Good to know


Post by Ogodio Jeffrey on 26 June 2020, 16:49 pm

Good


Post by Kingarob on 26 June 2020, 16:46 pm

Cool


Post by BOYCLYNT on 26 June 2020, 16:44 pm

Good


Post by Excel on 26 June 2020, 16:34 pm

Ok


Post by Pretty fruity on 26 June 2020, 16:21 pm

Good


Post by Hay_kay on 26 June 2020, 16:19 pm

Good


Post by Ebuka247 on 26 June 2020, 16:07 pm

amazing


Post by Davidcash on 26 June 2020, 16:05 pm

All the best


Post by Sus3 on 26 June 2020, 15:52 pm

Good


Post by Sandra24 on 26 June 2020, 15:44 pm

God help us


Post by Kosi1 on 26 June 2020, 15:42 pm

Thanks for the update


Post by Abdulahi ayodeji on 26 June 2020, 15:41 pm

Ok


Post by Yinka2003 on 26 June 2020, 15:24 pm

very great


Post by Bbakuyai on 26 June 2020, 15:22 pm

As internal efficiency improved, operating profit increased by 196 per cent between 2017 and the end of 2019


Post by Fav609 on 26 June 2020, 15:08 pm

Thanks for the update


Post by Sadiq2001 on 26 June 2020, 15:06 pm

Interesting


Post by Oladayo12 on 26 June 2020, 15:02 pm

Thanks


Post by Micheal Akins on 26 June 2020, 14:50 pm

Hmm


Post by kingman19 on 26 June 2020, 14:44 pm

Ok


Post by Solomonjackson210 on 26 June 2020, 14:36 pm

Ok


Post by Cyrild on 26 June 2020, 14:35 pm

Very good


Post by Pretty on 26 June 2020, 14:27 pm

Interesting


Post by Emmacharls on 26 June 2020, 14:17 pm

Ok


Post by Esther44 on 26 June 2020, 14:11 pm

Good


Post by Fortune212 on 26 June 2020, 14:06 pm

Keep it up


Post by Faith714 on 26 June 2020, 14:05 pm

Great


Post by Sammy42 on 26 June 2020, 14:04 pm

Another shareholder, Mr Egunde Moses who also commended the company’s performance urged the board and management to put strategies in place for optimal performance despite the COVID-19 pandemic.


Post by Luvingeeh on 26 June 2020, 14:02 pm

Okay


Post by Presido234 on 26 June 2020, 13:50 pm

Okay


Post by Igochemelish on 26 June 2020, 13:49 pm

Ok


Post by Delabel on 26 June 2020, 13:45 pm

Good development, good news this company is great and excellent


Post by Verablexin on 26 June 2020, 13:40 pm

Great


Post by Odiespaul on 26 June 2020, 13:34 pm

Berger Paints


Post by Mufti on 26 June 2020, 13:34 pm

G


Post by folakemikelly on 26 June 2020, 13:33 pm

Good news


Post by Imported on 26 June 2020, 13:32 pm

Nice


Post by Ujunwa12345 on 26 June 2020, 13:32 pm

Nice


Post by Spides on 26 June 2020, 13:28 pm

Kk


Post by Pelumi502 on 26 June 2020, 13:28 pm

Good


Post by Lolipop on 26 June 2020, 13:27 pm

A shareholder, Comerade Lawrence Oguntoye, described the company’s performance as excellent against the backdrop of tough operating environment last year


Post by Pryme on 26 June 2020, 13:19 pm

Okay


Post by Dupyem on 26 June 2020, 13:15 pm

Okay


Post by Aminu488 on 26 June 2020, 13:07 pm

Wow


Post by Omotolani on 26 June 2020, 12:56 pm

Great news


Post by Eucharia91 on 26 June 2020, 12:52 pm

Ok


Post by Whayasay on 26 June 2020, 12:52 pm

Ok


Post by Juliet nice on 26 June 2020, 12:52 pm

Ok


Post by Evergreen on 26 June 2020, 12:51 pm

Nice


Post by Ganigold on 26 June 2020, 12:51 pm

Ok


Post by Divine11164 on 26 June 2020, 12:49 pm

Nice


Post by Ibehinno on 26 June 2020, 12:43 pm

Cool


Post by Solomon55 on 26 June 2020, 12:42 pm

Okay


Post by Freshchris02 on 26 June 2020, 12:42 pm

Nice


Post by Idoseg on 26 June 2020, 12:29 pm

Ok


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Bbakuyai ₦ 74,000
Edenz ₦ 63,000
Jeffpallo ₦ 51,500
Trendyluk ₦ 47,000
HENRY123 ₦ 45,000
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