By Peter Egwuatu

Shareholders of  Berger Paints Nigeria Plc  have  unanimously endorsed the 40 kobo dividend per ordinary share proposed by the Company’s Board for 2021 financial year just as they expressed optimism in the company’s future performance.

The Company’s revenue was up by 29 percent to N4.96 billion in 2021 from N3.83 billion in 2020.

The Gross Profit inched up by 12  percent to N1.58 billion last year .from N1.41 billion in 2020  The after tax profit  of N135, 635 million as against N146,028 posted in 2020 was moderated by the high cost of doing business. Shareholders commended the company’s Board and Management for declaration of dividend despite the high cost of doing business in Nigeria under acute insecurity, forex scarcity, energy crisis, stagflation, low purchasing power of consumers and other macroeconomic vagaries.

 A shareholder and the immediate Past President, Nigerian Shareholders Solidarity Association, Chief Timothy  Adesiyan, said the company’s ability to pay dividend this year indicated its passion for shareholder value. Adesiyan explained that the company’s performance was excellent against the background of the harsh operating environment. He commended the Board and Management for upholding the tenets of corporate governance. The Chairman, Abi Ayida thanked the shareholders for appreciating the Company’s efforts and assured them that measures had been put in place to enhance the Company’s competitive edge. Abi noted that the current performance indicated resilience, signaling a brighter and future.

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.