Berger Paints shareholders ratify proposed dividend of 40,000 – The Sun Nigeria
By Chinwendu Obienyi
Shareholders of Berger Paints Nigeria Plc approved the dividend of 40 kobo per ordinary share proposed by the company’s board of directors for the financial year 2021 and commended the company for its adherence to corporate governance principles.
According to its 2021 financial results, its revenue increased by 29% from 3.83 billion naira in 2020 to 4.96 billion naira in 2021, while its gross profit increased by 12% from 1. 41 billion naira in 2020 at 1.58 naira. billion in 2021.
However, the company’s Profit After Tax (PAT) fell to N135.64 million from N146.028 million in 2020 due to the high cost of doing business.
Despite this, the company declared a gross dividend of N115,929,379, which translates to 40 kobo per share to reward its shareholders.
Speaking at the Annual General Meeting (AGM) held recently, shareholders, while congratulating the company, said that despite insecurity, currency shortages, stagflation and other macroeconomic hazards, the company did well in declaring a dividend.
A shareholder and former chairman of the Noble Shareholders Association, Chief Timothy Adesiyan, said the company’s ability to pay dividends this year indicated its passion for shareholder value and praised the board and management for having complied with the principles of corporate governance.
To corroborate this, another shareholder and national coordinator, Pragmatic Shareholders Association of Nigeria, Bisi Bakare, expressed his confidence in the board and management that the company had a strong ability to evolve to generate more value for shareholders. , regardless of the nature of the operating environment.
In response, Berger Paints Chairman Abi Ayida thanked shareholders for appreciating the company’s efforts and assured them that measures had been put in place to improve the company’s competitive advantage.
While noting that the current performance indicated resilience and signaled a brighter future, Ayida said, “These numbers achieved during one of the toughest years for the business and the country’s recent history are a demonstration of the resilience of your business. We have strengthened our business continuity measures, diversified our supply chain options and strengthened our succession planning process, all while focusing on eliminating waste.