Berger Paints restructures for global competitiveness

Aleading manufacturer in paints and allied coating products, Berger Paints Nigeria Plc has embarked on transformation initiatives to enhance its market dominance for the next 60 years.

The transformative initiatives which cover the company’s structure, people, processes and digital operations have been endorsed by the company’s Board of Directors.

Besides, the shareholders have approved the sum of N188.385million to be paid as dividend which translates into 65 kobo per share. By the company’s financial statement, its revenue grew by 12 percent to N3.377 billion in 2018 as against N3.013 billion in the previous year while profit before tax stood at N454. 3 million, representing growth of 33.8 percent over N339.5 million recorded in the corresponding year.

Addressing the elated shareholders at the company’s Annual General Meeting (AGM) in Lagos yesterday, the Chairman, Abi Ayida, explained that on assumption of office, and after due consultation with the vari

ous units of the company and meetings with the relevant stakeholders, it was imperative for the company to re-position for global competitiveness and sustainable increase on return on investment (ROI).

“On assumption of office, I solicited views on how this required journey could be made, and attained unvarnished narrative of what we as employees, partners, stakeholders and leaders were doing well and what not so well .The outcome of these valuable sessions, after Board review and consideration, confirmed that there was significant headroom for improvement in our people, processes and organisational structure” said Ayida.

Ayida stated that in order to put the company on the path of sustained profitability, the Board had created the office of Chief Operating Officer to drive the operations and technical aspects of the business while Anjar Sircar has been appointed the new Managing Director to take charge of strategic business development decisions and marketing function of the company.