Shareholders of Berger Paints Nigeria Plc (BPN) have approved a total dividend payout of N1.20 per share for the 2024 financial year, signalling confidence in the company’s performance and leadership. This was announced during the company’s 65th Annual General Meeting (AGM) held in Lagos, where a final dividend of 100 kobo per 50 kobo ordinary share was endorsed, following an earlier interim dividend of 20 kobo. The combined dividend totals N347.8 million for the year.
Berger Paints, a major player in Nigeria’s paints and coatings sector, reported a strong financial showing despite Nigeria’s tough economic environment. Revenue rose sharply by 36 percent from N7.9 billion in 2023 to N10.8 billion in 2024. Operating profit climbed 49 percent from N751 million to N1.12 billion. The company’s profit after tax (PAT) also saw a 37 percent increase, rising to N610.8 million.
These results were driven mainly by the core business of paint manufacturing, where Berger Paints continues to hold a strong position in Nigeria’s competitive market. The company attributed its success to strategic focus, operational improvements, and digital transformation across its business network.
During the meeting, shareholders commended the company’s performance and strategic direction. Comrade Lawrence Oguntoye, who moved the motion to approve the final dividend, praised the management and board, noting the importance of such a payout during challenging times. “At this tough economic trajectory, Berger Paints is able to pay both an interim and final dividend. I want to appreciate the Board and Management for this exemplary performance,” he stated.
Another shareholder, Mr. Olugbosun Banji, also expressed satisfaction with the leadership of the company and the financial outcomes achieved during the year under review.
Two board members, Mr. Raj Mangtani and Dr. Ogechi Iheanacho, were re-elected by shareholders after retiring by rotation. All proposed resolutions during the AGM were approved.
Chairman of the Board, Mr. Abi Ayida, assured shareholders that Berger Paints has put in place strong strategies to remain resilient regardless 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,” he said.
Ayida further revealed that more investments have been made into research and development, aimed at driving innovation and sustaining the company’s growth. He added that BPN’s focus on long-term value creation remains intact despite macroeconomic uncertainties.
Group Managing Director and CEO, Mrs. Alaba Fagun, echoed these views and shared more on the company’s future direction. She stated that Berger Paints is working to expand its market reach by optimizing distribution channels and targeting high-growth areas. She also mentioned that the company continues to strengthen operational efficiencies to manage rising costs while maintaining product quality.
“We are thoughtfully evaluating opportunities to strengthen our market position. Our digital transformation efforts have helped streamline operations, benefitting both our partners and customers,” Fagun explained.
Fagun also noted the company’s commitment to sustainability, highlighting its involvement in initiatives that not only support the environment but also add value to the business.
Berger Paints Nigeria Plc, which has now operated for 65 years, remains one of the oldest and most respected names in the country’s manufacturing landscape. Its continued growth and shareholder value delivery reflect its ability to adapt and evolve within Nigeria’s complex economic climate
