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Berger Paints shareholders endorse N144.9m total dividend

Dr Oladimeji Alo

For increasing shareholders’ value on investment through dividend payout, shareholders of Berger Paints Plc, at the weekend, commended the board for enhancing their returns on investments, as they approved a total dividend of N144.9 million, culminating to 50 kobo per share for the 2017 financial year.

The Chairman of the company, Dr Oladimeji Alo, who highlighted strategic achievements of the company as he stepped down from the board amid commendations from the shareholders, said the firm has constructed a fully automated multi-billion Naira paint factory, the first of its type in Sub-Sahara Africa. It is scheduled to commence operations before the end of this year.

Alo, however, is succeeded by Abi Ayida, a Non-Executive Director, who assured that the board and management would build on the solid foundation laid by his predecessor by harnessing human and material resources to enhance value creation for shareholders.

According to Alo, the company had upgraded its Enterprise Resource Package. Specifically, it has implemented Microsoft Navision Enterprises Management System, which replaced the old Sage Software in order to enhance speed and accuracy of data management and improve operational efficiency for better customer service

He listed some of the achievements in 2017 to include: building the capacity of the management team, Upgrading of the product facilities, Strengthening corporate governance, introducing a culture of regulatory compliance.

Others are: enthroning a culture of strategic management, implementation of a new enterprise management system, blocking loopholes for fraud and related corporate malfeasance, developing new sales and marketing strategies among others.

Alo said the company-recorded revenue of N3 billion, representing 19 per cent rise when compared to N2.6 billion recorded in the corresponding period in 2016.

The firm’s profit before tax also rose from N278 million to N339 million during the period under review, showing 25 per cent growth. Profit after tax also rose from N224 million to N246 million.

He said the board had developed structures and processes that would help reposition the company for sustainable growth and enhanced shareholders value in a near future.

“With that done and with the right leadership, the company can continue its march to greatness. In the last four years under my leadership, the board had devoted considerable energy to a reengineering programme to fulfill its mandate.”

Responding to Dr Alo’s the National President of Independent Shareholders Associarion of Nigeria, Sir Sunny Nwosu, commended him for the historic achievements of the company during his tenure. He urged him to continue to support the company in whatever capacity.

Another shareholder, Mathew Akinlade explained that the company’s performance was good in the review period, noting that its large-scale investment in a new automated plant would improve its earnings.

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