Pledges to Enhance Shareholders’ Value, Improve Performance
Berger Paints Nigeria Plc has unfolded plans to commission its ultra-modern automated factory, the biggest in the Sub-Saharan Africa by the third quarter of the year.
Besides, the company also pledged to increase shareholders’ value and improve its performance by leveraging emerging opportunities in the manufacturing and real estate industry.
The Chairman of the company, Oladimeji Alo stated this during the 56th yearly general meeting of the company, held in Lagos recently.
Alo noted that as part of the strategy to sustain the company’s competitive edge, it would focus on increasing earnings and profitability, optimisation of existing assets and business operations, commissioning of the new factory, investment in the leading brands among others.
“Our focus for in the near term would be increase earnings and profitability, evolve our route to market capabilities, embed a culture of ethics, corporate governance, risk management and controls across the organisation.”
On the major initiatives during the period under review, the Chairman explained that the company embarked on a major strategic scheme of outsourcing its existing depots to achieve operational efficiency, cost reduction and increased revenue.
He added that the company recently completed the upgrade of the solvent section of its new factory, noting that it would improve product quantity, quality and operational efficiency, which would enhance its visibility.
Alo also assured shareholders that the new factory under construction would enhance tremendous improvement in the company’s operations.
According to him, the company is currently discussing with the appropriate authorities to secure tax break as pioneer status.
He explained that the request for bonus shares would be considered at the appropriate time while the company would deploy the use of its products as part of the new measures to improve its Community Social Relations (CSR).
The Managing Director, Peter Folikwe, explained that one of the strategic plans to boost earnings was to reduce cost through operational efficiency.
Folikwe stated that consumer education would be accorded high priority to strengthen the relationship between the company and its customers.
He explained that the outsourced depots, was a collaboration between the company and the entrepreneurs who are handling the depot business.
The company, according to him, posted a revenue of N3.022 billion against N3.083 achieved in the correspondong period in 2014 while Profit before tax rose to N565.2 million, higher than N249.3 million posted in the previous year.