Berger Paints Nigeria Plc’s shareholders have approved the payment of N116m dividend as proposed by the company’s board for 2020 financial year which implies 40kobo per ordinary share signifying a 60% growth on the 25kobo dividend paid in 2019.
Berger Paints attributes this huge success to improved technology and innovative products which positioned them to take advantage of opportunities inherent in the cross-current movements of the Nigerian business environment.
According to the company’s Chairman, Mr. Abi Ayida, the challenges of 2020 propelled the company’s resolve to constantly repair investors and shareholders with high ROI as revenue increased by 7.1% to N3.84bn in 2020 from N3.58bn in 2019.
The Chairman told newsmen, “Our revenue was driven by volume growth despite the shutdown in economic activities, disruptions and environmental unrest and the loss of sales for about seven weeks in the year. Free cash flow remained strong at N529m, representing 34 per cent from the preceding year.
“However, a proposed dividend of 40 kobo per share in the year demonstrates the company’s unflinching commitment to the promises to shareholders. We are very conversant with the strategic threats being faced by manufacturers in Nigeria but we are equally positioned to take advantage of the opportunities.”
He further praised the managerial foresight of the company which made the Board to invest extensively in technology before the pandemic.
He finally commended the retired directors for their immense contributions to company which stimulated tremendous growth while urging the incoming ones to sustain the momentum of bespoke admonitions in order to increase Berger Paints’ world positioning.
Azuka Edokobi is a Writer and Entrepreneur