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BERGER PAINTS REWARDS SHAREHOLDERS WITH N145 MILLION DIVIDEND / News

The Shareholders of Berger Paints Nigeria Plc. today approved the N145 million dividend recommended by the directors despite the inclement operating environment in Nigeria. Besides, the frontline manufacturer of Paints and Allied coatings have embarked on some initiatives to reinforce its competitive edge and ensure significant growth in the top- line and bottom- line. Addressing the elated Shareholders at the company' Annual General Meeting (AGM) in Lagos, the Chairman, Dr. Oladimeji Alo said: "To reward our shareholders for their investment and their commitment to the company, the board is recommending,the payment of the sum of N144,912,000 as dividend for 2016. This works out at the rate of 50 kobo per share”. Dr Alo who reviewed the company's 2016 performance indicators explained that sales revenue and profit before tax which amounted to N2.60 billion and N271.8 million respectively were moderated by the major contraction of the economy and high operational cost. According to him, inability of many institutional consumers such as government agencies and corporate customers to meeting with obligations affected their demand for paints and allied products while low purchasing power and high cost of basic household needs moderated effective demand at individual level. He listed strategic initiatives such as depot outsourcing scheme, greater marketing support, digital presence, factory modernization and implementation of an Enterprise Resource Planning System as some of the factors that enhanced the company's performance last year. The Chairman explained that the initiatives which would be executed this year to further boost the company's revenue include commissioning the new automated factory, redesigning of packaging materials, and utilising ECOWAS Trade Liberalisation Scheme (ETLS) to expand presence in West Africa, beginning from Ghana. He commended the shareholders for their unflinching loyalty to the company and assured them that the company's strong human capital, continuous innovation and adherence to the highest standard of corporate governance would always positionit todeliver shareholder value. Berger Paints Nigeria Plc., is a leading manufacturer of paints and allied coating products. The company commenced operations in Nigeria on 9th January, 1959.It is the first paint manufacturer company to be established in Nigeria and the first paint company to be quoted on The Nigerian Stock Exchange. Berger Paints has won several awards for corporate excellence, including The Nigerian Stock Exchange's President Merit Award among others.

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