Berger Paints Nigeria Plc has announced that a final dividend of 40 kobo per 50 kobo ordinary share, subject to appropriate withholding tax and approval will be paid to shareholders whose names appear in the Register of Members as at the close of business on April 30, 2021.
The company in its Audited Financial Statement for the period ended 31 December 2020 reported a turnover of N3.84 billion, up by 7.05% from N3.58 billion reported in 2019.
Profit for the twelve months period was N146.028 million, down by 67.46% from N448.73 million achieved in 2019.
Earnings per share (EPS) of the firm dropped to 50 kobo from the EPS of N1.55 reported the previous year.
At the share price of 6.5, the P.E ratio of Berger Paints Nigeria Plc stands at 12.90x with earnings yield of 7.75%.
Commenting on the result, the Managing Director of Berger Paints, Anjan Sircar, stated thus:
“In spite of the emergence of COVID 19 and other environmental and economic unrest at various times in 2020 in the country which led to the loss of 7 weeks of sales, the performance of Berger Paints Nigeria for the financial year ended 2020 shows modest revenue growth when compared to the 2019 results. The revenue growth has been largely driven by the strategic focus on the sales of premium products and inclusion of new business partners. This also contributed to the volume growth.
Just like every other company hit by the impact of the pandemic, we experienced disruptions in our supply chain presenting difficulties in the purchases of raw materials and resulting in sharp increases of input costs. Furthermore, the challenges in sourcing for foreign exchange and the congestions at our Ports impacted on the Company’s ability to obtain raw materials at advantageous prices. However, we have taken steps to reduce similar impact on our business in the future, including undertaking a robust review of our business continuity processes. We have also adopted new business strategies and initiatives for better and improved performance in the 2021 financial year.
The Company remains strong in its commitment to its shareholders, hence I am pleased to announce that the Board will be recommending to shareholders the payment of 40 kobo per ordinary share to be paid to its shareholders which is 60% higher than the 25 kobo paid in previous year. This is however subject to withholding tax and final approval at the 2021 Annual General Meeting.”
Qualification date for the dividend is April 30, 2021. The Register of Shareholders will be closed from May 3 – May 7, 2021(both days inclusive).
On May 21, 2021, dividends will be paid electronically to shareholders whose names appear on the Register of Members as at April 30, 2021, and who have completed their e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.