Berger Paints posts 125% profit growth in 2023, reports no FX loss  

Berger Paints Nigeria Plc has posted an impressive 125% profit growth, as the company’s pre-tax profit hit N799.8 million in 2023, up from N355.6 million in 2022.

According to the company’s audited financial statement for 2023, its revenue hit N7.91 billion, marking a 25% growth from the N6.33 billion posted in 2022.  

In 2023, the company’s total assets hit N6.61 billion, representing a 19.6% growth from the N5.53 billion posted in 2022.  

Key Highlights (FY 2023 vs FY 2022) 

  • Revenue: N7.91 billion, +25% YoY  
  • Cost of sales: N5.21 billion, +21% YoY 
  • Gross profit: N2.70 billion, +34% YoY  
  • Selling and distribution expenses: N525.91 million, +66% YoY  
  • Operating profit: N730.18 million, +84% YoY  
  • Net finance income: N25.04 million, +1316% YoY  
  • Profit before tax: N799.8 million, +125% YoY  
  • Profit for the period: N468.8 million, +125% YoY  
  • Earnings per share: N1.62, +125% YoY  
  • Total assets: N6.61 billion, +20% YoY  

What you should know 

The company made about N7.6 billion from the sale of paints and allied products in 2023, marking a 23% increase from the N6.2 billion posted in 2022. 

Impressively, Berger Paints recorded no foreign exchange loss in 2023, due to its very low foreign currency exposures. While its interest income on bank deposits increased by 175% to N40.5 million in 2023 from N14.8 million posted in 2022. 

From the N468.8 million profit accrued in 2023, Berger Paints Nigeria has proposed paying a final dividend of 80 kobo per share, which amounts to a total amount of N231.9 million, up from the N202.9 million paid in 2022. In 2023, the company also paid an interim dividend of N58.0 million.  

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