Shareholders of the manufacturer of paints and allied products, Berger Paints of Nigeria Plc, have approved the payment of N202,876,413 as dividends for the 2022 financial year.
The approval was given at the 63rd Annual General Meeting of the company in Lagos on Wednesday.
The shareholders approved the payment of N202,876,413 as dividends at the rate of 70 kobo per share as against the 40 kobo paid in the preceding year. Shareholders also approved the appointment of Mrs Alaba Fagun as the Managing Director and Chief Executive Officer of the company.
Speaking on the floor of the AGM, a shareholder, Olowolafe Kehinde, said, “Despite the economic issue that is affecting us in this nation and also many companies’ operations, our revenue grew from N4.9bn to N6. 9bn, representing a 28 per cent increase. Profit After Tax also grew from N135.6m to N208.6m, an increase of 53 per cent. When we look at all these indices, it shows the resilience, unwavering ability of the able board and management.”\
Kehinde stated that the company’s dividend policy had been consistent for the past 10 years.
The Chairman of the company, Abi Ayida, stated that the paint manufacturer would not rest on its oars.
“I think our performance speaks for itself. We accept the commendations but we are not satisfied. We are driving the company to do better. Last year was a very difficult year, the rise in input cost would have sunk most companies but we are well positioned to meet whatever challenges come our way because we think about how to move the company forward,” Ayida said.
Recall that, the company announced that shareholders of Berger Paints Nigeria Plc will receive a final dividend of N202.88 million for the financial year ending December 2022, representing a total dividend of 70 kobos per share declared by the paint firm.
The Board of Directors of Unilever Plc has pursuant to the powers vested in it by the provisions of section 426 of the Companies and Allied Matters Act (CAMA 2020) of Nigeria proposed a final dividend of 70 kobos per share for the financial year 2022.
This was contained in the company’s corporate action announcement to the Nigerian Exchange Limited (NGX) and obtained by Nairametrics.
Subject to shareholders’ approval
According to the company, the dividend is subject to shareholders’ approval and appropriate withholding tax will be paid to shareholders whose names appear in the Register of Members as at the close of business on April 26, 2023.
The statement signed by the company said that on May 24, 2023, dividends will be paid electronically to shareholders whose names appear on the Register of Members as of April 26, 2023, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.
Berger Paints Plc’s audited report for the full year ended December 2022 showed pretax profit grew by 100% in the full year to N355.579 million from N178.089 million last year.
This is on the back of increasing inflation which the economy continues to battle. The headline inflation rate rose to 21.91% in February 2023 compared to 21.82% recorded in the preceding month of January.
The National Bureau of Statistics (NBS), said looking at the trend, the February 2023 inflation rate showed an increase of 0.09% points when compared to January 2023 headline inflation rate.
However, due to a 246 % growth in income tax expenses to N146.909 billion from N42.454 billion in 2021, profit after tax rose by 54% to N208.670 million from N135.6356 million reported last year.