Berger Paints bows to headwinds as Profit drops 32%

Berger paints Plc has proposed a dividend payment of 50n kobo to shareholders for the 2016 financial year, lower than 75 kobo paid in 2015.

This was contained in the company’s audited financial statement released by the Nigerian Stock Exchange (NSE), recently.

The result showed that the company was able to declare dividend irrespective of, its revenue shrinking 14 per cent to N2.60 billion, from N3.22 billion posted in corresponding period 2015.

Gross profit declined by 19 per cent to N1.11 Billion, against N1.38 billion posted in 2015 financial year.

Operational profit further declined by 41 per cent, to n278.32 million, against N470.07 million, against recorded in 2015.

Profit before tax also dropped , reflecting the low volume of business done in 2016 financial year, further depressed by 52 per cent, from N330.32 million posted in 2015 financial year, to N271.77 million in 2016.

Berger Paints profit for the 2016 financial year stood at N224.01 million from N330.32 million in 2015, indicating a 32 per cent drop, while basic earnings per share, dropped to 77kobo, from 112 kobo in 2015.