The Nation Newspaper

Tag: Berger Paints

  • Berger Paints grows net profit by 31%

    Berger Paints Nigeria Plc recorded appreciable growth in the bottom-line in 2013 as the paints company’s net profit rose by 31 per cent to N251 million.

    Key extracts of the audited report and accounts of Berger Paints Nigeria for the year ended December 31, 2013 showed that the company’s pre-tax profit grew by 25 per cent to N356 million compared with N284 million recorded in 2012. Profit after tax rose to N251 million in 2013 from N192 million in 2012. Total revenue rose by 7.75 per cent to N2.7 billion as against the N2. 5billion recorded in the previous year.

    Commenting on the result, managing director, Berger Paints Nigeria Plc, Tor Nygard, said the result was indicative of continuing improvements in the company’s operations, in line with its huge investments in product innovation and a state of art paints and coatings manufacturing machinery.

    According to him, in spite of the local infrastructure challenges affecting real sector performance, especially power, the company grew shareholders’ funds remarkably by 37.29 per cent to N2.43 billion in 2013 as against N1.77billion in 2012.

    “This performance is as a result of our continued commitment to providing customers with high value brand of paints and coatings for homes, auto refinishes, and wood care as well as marine and protective coatings at very competitive rates,” Nygard said.

    He noted that as the company continue to push forward towards best-in-class products by investing in ultra modern machinery which will be installed soon, it is also boosting its distribution and sales footprint across the country to bring its high value brands within the reach of customers across segments by opening up more distribution channels as it had done with the opening of the Lekki Colour World recently.

    “This is because we can only achieve our corporate goal of becoming the leading paints and coatings manufacturing company in Nigeria by providing total customer satisfaction,” Nygard said.

    According to him, for more than five decades, Berger Paints Nigeria has been playing a lead role in the development of Nigeria’s construction industry by supplying high value paints and coatings brands for decorative and industrial uses. Leveraging its 2012 partnership with KCC – South Korea’s biggest paint manufacturing company – to jointly serve the Nigerian paint and coating market, Berger Paints’ market dominance agenda is extending into the Marine and Protective coatings segment in which KCC is one of the global innovation and market leaders.

    Founded 1969, Berger Paints Nigeria Plc is one of the leading manufacturer and distributor of paints and coatings in Nigeria. The company manufactures decorative, industrial, auto refinishes, wood preservers and finishes as well as marine and protective coatings to meet the need of its industrial, commercial and retail end users in the Nigerian market.

  • Berger Paints begins N522m factory modernisation

    Berger Paints begins N522m factory modernisation

    Berger Paints Plc is investing some N522 million on the modernisation of its factory as the chemical and paints company seeks to consolidate its market share in the Nigerian paints industry.

    A source in the know of the operations at the company told The Nation that the paints company had received the net proceeds of the recent rights issue and started deploying the funds.

    Berger Paints had recently floated a rights issue of about 72.46 million ordinary shares of 50 kobo each to relevant shareholders at N7.50. The rights issue was pre-allotted on the basis of one new ordinary share for every three ordinary shares held as at May 31, 2013.

    A total of 72.46 million ordinary shares of 50 kobo each of Berger Paints Nigeria Plc were last week listed on the Nigerian Stock Exchange (NSE) at N7.50 per share, indicating that the rights issue was fully allotted.

    The source indicated that the listing of the shares was done after compliance with all relevant rules and timetable of the supplementary issue including the disbursement of the net proceeds to the issuer.

    Chairman, Berger Paints Nigeria Plc, Mr. Clement Olowokande, has said the net proceeds of the rights issue estimated at N521.71 million would be used to finance the modernisation of the company’s factory operations.

    According to him, the modernisation was the main thrust of a strategic plan to ensure that the company continues to operate at the forefront of paint technology by replacing its aging manufacturing infrastructure.

    He said the modernisation of the company’s factory operations would lead to improved efficiency that will positively impact on turnover and profitability.

    He outlined that the net proceeds would be used to purchase and install water-based plant and solvent-based plant from Spain.

    Olowokande said that the company also plans to commit substantial investments on major improvements of its distribution channels.

    He said the company has taken several initiatives and entered new partnership that would greatly enhance its products and services in the Nigerian paint and coating industry in the period ahead.

    He noted that Berger Paints has always been the standard-setter in the industry with enviable records of pioneering wide range of popular special products.

    He said he was confident the company would record significant growth and improvements in its operations in the years ahead in order to create better value for shareholders.

     

  • Berger Paints N543m rights issue opens

    Berger Paints N543m rights issue opens

    The Berger Paints 72.5 million ordinary issues of 50k per share at N7.50 to its existing shareholders has opened today across the country following the completion board meeting held in Lagos recently.

    The rights are being offered on the basis of one new share for every three held by members as at  May 31, 2013

    The net proceeds of the offer amounting to N543.42 million will enable the leading paints and allied company to finance the modernization its manufacturing operations.

    Chairman, Berger Paints Nigeria Plc, Mr. Clement Olowokande, said the net proceeds of the rights issue estimated at N521.71 million would be used to finance the modernisation of the company’s factory operations.

    According to him, the modernisation was the main thrust of a strategic plan to ensure that the company continues to operate at the forefront of paint technology by replacing its aging manufacturing infrastructure.

    He said the modernisation of the company’s factory operations would lead to improved efficiency that will positively impact on turnover and profitability.

    Olowokande said that the company also plans to commit substantial investments on major improvements of its distribution channels.

    He said the company has taken several initiatives and entered new partnership that would greatly enhance its products and services in the Nigerian paint and coating industry in the period ahead.

    He noted that Berger Paints has always been the standard-setter in the industry with enviable records of pioneering wide range of popular special products.

  • Berger Paints commissions complex, AGM holds Tuesday

    Berger Paints Nigeria Plc, Nigeria’s leading paints and allied products manufacturing company is to commission a N650 million building materials and related products shopping complex in Abuja, the Federal Capital Territory (FCT) as part of its diversification strategy.

    The complex, which is also an initiative to further consolidate the transformation agenda of the Federal Government of providing housing for all Nigerians, is located in the Wuse II District of the FCT. The income from this investment will have great impact on the company’s income in 2013.

    The commissioning will take place tomorrow.

    The company said in a statement that “this is indeed a landmark in the history of Berger Paints Nigeria Plc,” remarking that it is particularly gratifying to note that the management under the leadership of the new Managing Director, Mr. Tor Nygard, saw this project through in a record time of 15 months.

    Meanwhile, shareholders of the company will on Tuesday at the 53rd yearly general meeting of the company in the FCT to consider the company’s audited financial statements for the period ended December 31, 2012.

    Among other items on the agenda of the meeting, is a proposal for the shareholders to approve a dividend of 70 kobo per share as well as authorise the directors to issue a rights of one new share for every three held by them. About 30 per cent of the rights issue will be underwritten by underwriter/underwriters.

  • Berger Paints strengthens governance

    Berger Paints strengthens governance

    •Confirms MD

    Berger Paints Nigeria Plc has strengthened its corporate governance and management with the confirmation of the appointment of Mr Tor Nygard as Managing Director and introduction of new policies on whistle blowing and zero tolerance to fraud.

    In a statement, the leading paints and allied products manufacturing company stated that the strengthening of its management and corporate governance were aimed at ensuring sustainable growth and profitability.

    Nygard, who has been aActing Managing Director of the company since July last year,was first appointed an executive director in December 2010. He was credited with strong performance of the company in recent period.

    Nygard, a Norwegian, holds a Bachelor of Science in Electrical Engineering and MBA from University of South Dakota, United States. He has more than 30 years experience in the manufacturing and oil and gas sectors, with considerable international exposure in US, Europe and Africa.

    Berger Paints has also put in place a new management team as well as strengthened its board with two new non-executive directors in the persons of Messrs Dr. Alo Olademiji Israel, a management expert and Mr Nelson Chidozie Nweke,a seasoned financial guru.

    To diversify its income base, the company has also embarked on the construction of an ultra-modern commercial complex in the Federal Capital Territory.

    Berger Paints has over the years been a leader in the paints and chemical industry. It built and inaugurated the first paint factory in Nigeria and was first paints manufacturing company to be quoted on the Nigerian Stock Exchange (NSE). It was the first company in Nigeria to introduce textured coatings (TEXCOTE) into the country, the first to be ISO certified and upgraded from NIS ISO 9002 to NIS 9001:2000 and the first to hit the N1billion mark, among others.