Berger Paints posts 125% profit growth in 2023

Onwubuke Melvin
Onwubuke Melvin

Berger Paints Nigeria Plc has posted a magnificent 125% profit growth, as the company’s pre-tax profit hit N799.8 million in 2023, an increase from N355.6 million in 2022.

This follows the company’s audited financial statement for 2023 posted on the NGX group. Its revenue hit N7.91 billion, indicating a 25% growth from the N6.33 billion published in 2022.

The company’s total assets grew by 19.6% to N 6.61 billion in 2023, compared with a growth of 5.53 billion recorded in 2022.

Key Highlights (FY 2023 vs FY 2022)

Revenue: N7.91 billion, +25% YoY

Gross profit: N2.70 billion, +34% YoY

Net finance income: N25.04 million, +1316% YoY

Profit before tax: N799.8 million, +125% YoY

Profit for the period: N468.8 million, +125% YoY

Earnings per share: N1.62, +125% YoY

Total assets: N6.61 billion, +20% YoY

The company made about N7.6 billion from the sale of paints and allied products in 2023, showing a 23% rise from the N6.2 billion posted in 2022.

Berger Paints also did not record any foreign exchange loss in 2023, due to its very low foreign currency exposures. While its interest income on bank deposits increased by 175% to N40.5 million in 2023 from N14.8 million posted in 2022.

Berger Paints Nigeria proposed to pay a final dividend of 80 kobo per share, representing a total amount of N231.9 million, compared to the N202.9 million paid in 2022, as a result of the N468.8 million profit recorded in 2023. The company also paid an interim dividend of N58.0 million for the year 2023.

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