Berger Paints targets larger market share

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Berger Paints Nigeria Plc has said its focus in the near term is to increase its profitability and market share as well as outperform competition in the market.

The Managing Director/Chief Executive Officer, Berger Paints, Mr Peter Folikwe, stated this at the company’s Fact behind Figures, which was held at the Nigerian Stock Exchange on Tuesday.

Folikwe identified top-notch and experienced management, high quality products, efficient market and strong distribution network, effective utilisation of modern technology and strong brands as some of the factors that would enhance the company’s competitive edge.

He noted that effective franchise growth and deployment of Point of Sale machines to all outlets were among the key drivers that would boost the company’s profitability.

He said, “We shall increase innovativeness and deepen routes to market to ensure that our products are available in most of the geo-political zones in the country. Our outsourced business partners are being provided massive sales and marketing support to cause a desirable change in trade.

“More focus will be placed on leveraging the new automated factory to be commissioned, thereby increasing earnings, profitability, production output, market share, and optimising return on investment.”

The Chairman, Berger Paints, Mr Abi Ayida, while addressing the management and stockbrokers at the Exchange, stated that the company would review its business model to improve its processes and take advantage of investment opportunities in Nigeria, irrespective of the challenges in the operating climate.

He assured the Exchange of the company’s willingness to partner it in some of its activities that fall under corporate social responsibilities.

The Chief Executive Officer, NSE, Mr Oscar Onyema, commended the management of Berger Paints for adhering to post-listing requirements, one of which he identified as the regular provision of information by quoted companies to enable investors to make investment decisions.

Onyema, who was represented by the Executive Director, Regulation, NSE, Ms Tinuade Awe, advised the company to sustain its strategic and operational efforts, which are aimed at ensuring shareholder value.

He stated that the NSE remained committed to partnering quoted companies as stakeholders in the market ecosystem, adding that issues affecting quoted companies, including corporate governance and tax reform, would be aggregated to ensure smooth operation of the companies.

Stockbrokers commended the management of the company for the presentation of facts behind the figures, saying more of such events ought to be encouraged.

 

 

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