By Chinwendu Obienyi
Berger Paints Nigeria Plc has declared a total dividend payout of N347.8 million for the 2024 financial year, following shareholder approval at the company’s 65th Annual General Meeting held in Lagos.
Shareholders unanimously endorsed a final dividend of 100 kobo per 50 kobo ordinary share, bringing the total dividend for the year to N1.20 per share, including an interim dividend of 20 kobo paid earlier in the year.
Despite economic headwinds, the company posted strong financial performance for the year ended December 31, 2024. Revenue rose by 36 per cent to N10.8 billion, up from N7.9 billion the previous year. Operating profit surged by 49 per cent to N1.12 billion, while profit after tax increased by 37 per cent to N610.8 million.
Speaking at the AGM, Chairman, Berger Paints, Abi Ayida said the results reflect the effectiveness of the company’s strategic initiatives and the commitment of its leadership team. “I am very bullish on the growth prospects of Berger Paints. We have devoted more resources to research and development to drive innovation and sustain our upward trajectory,” Ayida said.
The company’s Group Managing Director, Alaba Fagun, also shared an optimistic outlook, noting the company’s continued focus on digital transformation, operational efficiency, and sustainable value creation.
We are thoughtfully evaluating opportunities to strengthen our market position through optimised distribution channels. Our ongoing efficiency improvements help us navigate cost pressures while maintaining high standards,” Fagun stated.
She added that the adoption of digital solutions across Berger Paints’ business network has streamlined key operations and improved service delivery to customers and partners. “We remain committed to innovation, sustainability, and market responsiveness in Nigeria’s competitive paint industry,” she said.
Shareholders at the AGM praised the board and management for maintaining dividend payments despite prevailing economic difficulties. Comrade Lawrence Oguntoye, who moved the motion for dividend approval, described the payout as “exemplary,” while another shareholder, Olugbosun Banji, commended the firm’s performance and governance.
The meeting also approved the re-election of two directors—Mr. Raj Mangtani and Dr. Ogechi Iheanacho—who retired by rotation in accordance with company regulations.
Berger Paints Nigeria Plc, a leading manufacturer of paints and allied products, reaffirmed its commitment to long-term growth, customer satisfaction, and stakeholder value creation.
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