Berger Paint records N449.5m profit, gets new chairman
Berger Paints Nigeria Plc has announced a profit before tax of N449.5m for 2017, an increase of 25 per cent compared to that of 2016.
The firm said its net revenue increased by 19 per cent to N3.09bn despite the inclement operating environment.
The Chairman, Berger Paints Nigeria, Dr. Oladimeji Alo, at the firm’s Annual General Meeting in Lagos, highlighted strategic achievements of the firm as he stepped down from the board amid commendation from shareholders.
Alo, who is succeeded by Mr. Abi Ayida, a non-executive director, told shareholders that as part of the strategy to boost operations and remain competitive, the firm built a fully automated multibillion-naira paint factory.
Describing the factory as the first of its kind in sub-Sahara Africa, he said it would commence operations before the end of the year.
He explained that in order to enhance speed and accuracy of data management and improve operational efficiency for better customer service, the firm upgraded its enterprise resource package.
Alo said Berger Paints Nigeria had implemented the Microsoft Navision Enterprises Management System, which replaced the old Sage software.
According to him, the firm will always place high premium on product quality improvement, research and development, and capacity building for the staff in order to sustain its competitive edge.
Alo expressed gratitude to all the stakeholders for their support during his tenure as the chairman of the firm.
He added that during his tenure, the firm enthroned a culture of strategic management; strengthened corporate governance; introduced a culture of regulatory compliance; blocked loopholes for fraud and related corporate malfeasance; and developed new sales and marketing strategy, and international collaboration, among others.
The shareholders approved the dividend of N144.912m, which translates to 50 kobo per share.
The new chairman, Ayida, while addressing the shareholders, said, “The board and management of the firm will build on the solid foundation laid by Dr. Alo by harnessing human and material resources to enhance value creation for shareholders.”
Ayida, in an interview with journalist, stated that Berger Paint’s business model would be tailored towards increased higher capacity utilisation, quality products and cost reduction by leveraging on the firm’s huge investment in automation.
According to him, one of the immediate pre-occupations of the board is to prepare a road map that will launch the firm into sustainable growth and development.
Ayida, an economist and Chief Executive Officer, Partner for Vail Woodward Associates has extensive experience, spanning retail manufacturing industries, banking and insurance in Nigeria and offshore, according to a statement.
Alo, a former Managing Director of Financial Institution Training Centre, joined the board of Berger Paints in 2012 and was appointed the chairman of the board on July 17, 2014.