Despite the tough operating environment, Berger Paints Nigeria recorded a growth in their revenue 20 percent from N4.53 billion in September 2022 to N5.42 billion in September, 2023.
The Paint company net profit rose by 142 percent in the review period to N397.8 million in September this year from N164.3 million in the preceding year.
Addressing the Management of Nigerian Exchange Limited ( NGX) and Stockbrokers, during the closing gong ceremony and introduction of BPN’s Managing Director and Chief Executive Officer, Mrs Alaba Fagun to the Capital Market Community on NGX yesterday, BPN’s Chairman, Mr Abi Ayida, explained that the Company had kept up with time to sustain good performance, irrespective of the challenges in the operating environment.
He noted that BPN had a gender balance both at management and board level and this has enhanced the company’s performance. He assured the Capital Market Community that the company would continue to provide regular information to the market in line with the post listing requirements of NGX.
Ayida commended the BPN’s Chief Executive Officer, Mrs Alaba Fagun for her leadership qualities which has transformed the company in the last twelve months.
“Berger Paints has tried to keep up with time. We are forward looking. We operate as a team. I am proud to say that majority of our board members are female and the company is doing very well. We have positioned the company to remain competitive. We shall ensure that we provide regular and timely information to the capital market community,” said Ayida.
Corroborating him, Mrs Fagun explained that BPN had embarked on a lot of internal restructuring in the last 12 months and this is beginning to yield positive results.
“We are a 64-year old company. We have spent the last 12 months on internal restructuring and repositioning. We shall continue to encourage our team to make Berger Paints the best place to work,” said Fagun.
In his welcome address, the Executive Director, Capital Markets, NGX, Mr Jude Chiemeka, congratulated the Board and Management of BPN on the company’s rebranding, including the change of logo which symbolises a new outlook.
Chiemeka explained that NGX would continue to engage the government to give concessions to quoted companies as they contribute a lot to the growth and development of the economy, especially through taxation.
The climax of the colourful ceremony was the beating of the closing gong by Mr Ayida.