Berger Paints Nigeria Plc has paid a total dividend of N347.8m to shareholders for the 2024 financial year, reinforcing its strong performance despite a tough operating environment.
Shareholders approved a final dividend of 100 kobo per share at the company’s 65th Annual General Meeting held in Lagos, bringing the total dividend for the year to N1.20 per ordinary share of 50 kobo each. This includes the interim dividend of 20 kobo earlier paid by the company.
The frontline manufacturer of paints and allied products posted impressive financial results for the year ended December 31, 2024. Revenue rose by 36 per cent to N10.8bn from N7.9bn recorded in the previous year. Operating profit increased by 49 per cent to N1.12bn, while profit after tax grew by 37 per cent to N610.8m.
The company attributed its performance to organic growth in its core business segments and a consistent focus on strategic execution.
Speaking at the meeting, a shareholder commended the board and management for sustaining profitability and maintaining a stable dividend policy.
“At this tough economic trajectory, Berger Paints can pay an interim and final dividend. I want to appreciate the board and management for this exemplary performance,” he said.
Another shareholder, Olugbosun Banji, also praised the company’s performance and expressed optimism about its future direction.
Meanwhile, shareholders re-elected two directors, Raj Mangtani and Ogechi Iheanacho, who retired by rotation, with resolutions presented at the AGM unanimously approved.
The company’s Chairman, Abi Ayida, reaffirmed its commitment to long-term growth and resilience. He said Berger Paints had developed robust strategies to ensure continuity and profitability in the face of external pressures.
“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,” Ayida said.
Also, the Group Managing Director and Chief Executive Officer, Alaba Fagun, said the company would continue to focus on market expansion and operational efficiency.
“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,” she said.
Fagun also noted that the company was investing in sustainability and technology to deliver long-term value.
“The implementation of digital solutions across our business network has simplified key processes, benefiting our partners and customers alike. As BPN moves forward, the company remains committed to innovation, operational excellence, and creating sustainable value for all stakeholders,” she added.
Last year, The PUNCH reported that Berger Paints of Nigeria’s shareholders commended its board and management for the company’s financial performance and for guaranteeing increased shareholder value.
