The Managing Director and Chief Executive Officer of Berger Paints Nigeria Plc, Mrs. Alaba Fagun, has ascribed the outstanding performance of the company for the financial year ended December 31, 2023, to the market appreciation of its rebranding, customer-centric policy, deployment of modern technology to ensure quality products and availability of strong human capital.

Despite the inclement operating environment, Berger Paints, a leading manufacturer of coated paints and allied products in Nigeria, has proposed a dividend of N231. 9 million for the 2023 financial year up from N202.9 million paid in 2022 and would be paying a dividend of N.80 kobo per share for its shareholders, subject to the ratification at its 64th Annual General Meeting (AGM), scheduled for Tuesday, May 14, in Lagos.

The dividend will bring the final dividend for the review period to N1 per share. At the AGM, the company shall seek ratification of payment of an interim dividend of 20 kobo per share, which amounts to N58.0 million.

Other performance indicators of Berger Paints include its profit for the financial year, which grew to N468,797 from N208,670 in 2022, and basic earnings per share, which jumped from 72 kobo to 162 kobo, an increase of 125 percent respectively.

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“Despite the myriad challenges in our operating environment, impacting both our business operations and the daily lives of our customers and team members, we achieved a remarkable 125% growth in our bottom-line figure compared to 2022.

A review of the company’s other performance indicators shows that its revenue hit N7.91 billion, an increase of 25 %, Year-on-Year, Operating Profit, N730.18, an increase of 84 %, and total assets, N6.61 billion, an increase of 20 % amongst others

According to the Managing Director, the year 2023 underscored the enduring Nigerian love for vibrant experiences and Berger Paints rose to the occasion by exceeding customers’ expectations in the quality of products and service delivery. “With Berger Paints, you can never go wrong. Our commitment to customer satisfaction has been the bedrock of our success since 1959’, she added.

‘Throughout the year, we revitalized our corporate ethos by reshaping our brand. More than just a logo, our brand embodies a commitment to quality assurance and customer-centric values: Professionalism, Integrity, Innovation, customer focus, and Teamwork which helped us to achieve a strong position in the market’ the MD stated.

‘’Looking forward, we aspire to conquer the African market landscape with our products and services. Our dedicated team is poised to leverage resources efficiently, and innovate to deliver exceptional service to our customers,” explained Fagun.

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In March last year, Berger Paints took the Nigerian manufacturing sector and the financial market by storm, when it unveiled its new brand identity. The rebranding was prompted by the need to capture the younger demography especially those aged 25-45 to ensure business continuity and success.

Nigerian billionaire investor Femi Otedola has been appointed chairman of the board of directors of FBN Holdings, owners of the First Bank of Nigeria, exactly 15 months after the news broke in October 2022 that he had become the highest shareholder in the bank, one of the oldest in the country

Reports say Otedola, who was elected Chairman of the board after a meeting of the board of directors held on January 31, 2024, took over from Ahmad Abdullahi who was appointed board chair on the 17th of December 2021.

The business mogul, who divested from his initial business of oil and gas to buy into the power sector, where he now owns the Geregu Power Plant in Kogi State, is assuming the current position just five months after becoming a non-executive director on August 14th, 2023.

In October 2022, after buying heavily int FBN, and amid the controversy of his owning the largest single shares of the nation’s premier banking concern, he had moved to douse the tension that he was about to take over its day to day running.

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He had reporters then at the ExecuJet Private terminal in Lagos that his recent acquisition of shares in FBN Holdings was purely an investment decision, adding: “Being the single largest shareholder doesn’t mean I must necessarily hold a position in the bank. I believe in allowing competent people to run institutions in a professional manner and to the benefit of all the stakeholders.

“That is an institution with a world-class corporate governance structure and a strong performing management that creates value and guarantees returns in form of dividends and capital appreciation.”

Stressing that the major focus of any good investor is to see opportunities where others did not, he a argued that he was convinced that FBN Holdings had a bright future, is strong, solid, and would remain a dominant player in the Nigerian financial services sector.

Hear him: “I am simply an investor who saw an opportunity in the financial institution and decided to take advantage of it through the investment I have made. My interest, contrary to speculation, is not to become chairman of the bank or its Holdco. Moreover, I am in semi-retirement.”

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Billionaire businessman, Femi Otedola, has moved do douse fears of direct running of First Bank of Nigeria (FBN), amid the controversy of his owning the largest single shares of the nation’s premier banking concern.

Apparently in an attempt to lay to rest speculations that are rife in the public over the issue, Otedola, told reporters on Wednesday at the ExecuJet Private terminal in Lagos that his recent acquisition of shares in FBN Holdings was purely an investment decision.

“Being the single largest shareholder doesn’t mean I must necessarily hold a position in the bank. I believe in allowing competent people to run institutions in a professional manner and to the benefit of all the stakeholders.

“That is an institution with a world-class corporate governance structure and a strong performing management that creates value and guarantees returns in form of dividends and capital appreciation.”

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Stressing that the major focus of any good investor is to see opportunities where others did not, he a argued that he was convinced that FBN Holdings had a bright future, is strong, solid, and would remain a dominant player in the Nigerian financial services sector.

Hear him: “I am simply an investor who saw an opportunity in the financial institution and decided to take advantage of it through the investment I have made. My interest, contrary to speculation, is not to become chairman of the bank or its Holdco. Moreover, I am in semi-retirement.”

Posted by  Editor |  16 December 2021, 11:51am

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