By Eromosele Abiodun, 06.15.2010
Shareholders of Berger Paints Plc have been rewarded with a dividend of 50 kobo per share for the year ended December 31, 2009 as against a 30 kobo dividend paid in 2008. Chairman of the company, Mr. Clement Olowokande, who announced the payment at the company's Annual General Meeting (AGM), held in Lagos last week, said that the payment was in fulfilment of the promise that the firm would resume dividend payment.
He said that the economic environment for the year under review was harsh and therefore impacted negatively on its operations and businesses generally. In spite of all these challenges, Olowokande said he was confident that the company would end the year 2010 stronger and take the advantage of the opportunities these challenges and crisis present.
He said that the company's turnover declined from N2.53 billion to N2.37 billion in the year under review. But profit after tax rose marginally from N953.34 million to N983.43 million. “Both volume and turnover declined when compared with the same period last year, but operating profit recorded a boost due to the focused attention the board placed on productivity, efficiency and cost management. The collaborative effort of board and management on cost leadership strategy gave us a competitive edge,” he said.