Berger paint boost revenue by 26%

Berger Paints Nigeria Plc has demonstrated commitment to rewarding shareholders in the for the 2017 financial year as its recently released q3 result reflects growth in key performance indices.

The company’s interim Financial Statements for the Nine Months Ended 30th September, 2017 showed that revenue for the period grew by 26 per cent to N2,144,156bn, which was against N1,702,388bn posted in 2016 Q3.

Gross profit for the period rose by 30 per cent to N932, 652m, against N717, 787m posted in the comparable period of 2016.

Operating profit rose by 1,887 per cent to close the quarter at N156,492m, against N7,877m recorded in the prior period of 22016.

Profit before income tax for Berger paints’ Q3 2017 closed higher at N167,601m, from N29,039m , reflecting 477 per cent increase, while profit for the period also increased by the same margin of 477 per cent , closing he period at N113,968m, from N19,747m posted in Q3 2222016.

Berger Paints Nigeria Plc (“the Company”) was incorporated in Nigeria as a

private limited liability company in 1959 and was converted to a public liability company in 1973. The Company is listed on the Nigerian Stock Exchange.

According to the result, related parties transactions include, the company buying various raw materials from Emychem Nigeria.and also, a portion of residential apartment rented at Wemabod Estate sub-leased to Emmychem, of which the Managing director, Mr.Raj is also a non-executive director on the Board of Directors of Berger Paints.

Engagement of services of Excel Professional of which the managing director is chairman on the board of directors of Berger paints, among others.