Berger Paints profit drops by 76.66% to N104.7m

By Kayode Tokede

Berger Paints Plc has reported 76.7 per cent decline in profit to N104.72 million in its 2020 unaudited results for full-year ended December 2020 as against N448.73million recorded in 2019.

The unaudited group accounts forwarded by the firm to the Nigerian Stock Exchange (NSE) showed profit before tax dropping to N154million in 2020, from N533million at the end of the 2019 financial year.

The paint firm recorded a 6.86 per cent revenue increase of N3.83billion for the 2020 financial period from N3.58bn in the corresponding period of 2019.

It recorded N197.41million as operating profit in 2020, down from N512.92million recorded in 2019, representing a reduction of 61.51 per cent.