Berger Paints repositions to boost global competitiveness
Berger Paints Nigeria Plc, a leading paints and allied coating products manufacturer, has embarked on a restructuring exercise to reposition the brand better for market dominance for the next 60 years.
Addressing the shareholders at the Annual General Meeting (AGM), in Lagos, recently, the Chairman, Abi Ayida, said: “After due consultation with the various units in the company, and meetings with relevant stakeholders, it became imperative to reposition for global competitiveness and sustainable increase in return on investment (ROI).”
Mr. Ayida noted that to put Berger Paints on the path of sustained profitability, the Board created the office of Chief Operating Officer to drive operations and technical aspects of the business, while Anjar Sircar was appointed the new Managing Director in charge of strategic business development decisions and marketing function.
Until his appointment, Sircar, who was the CEO, Elite Group of Companies, Bangladesh. He is also an astute professional, who has wide and varied industry experience internationally. He was a member of the Executive Committee of Nepal India Chamber of Commerce and Industries (NUCCI), and India Nepal Business Forum.
The initiatives, which cover the company’s structure, people, processes, and digital operations, have been endorsed by the company’s directors. Mr. Ayida believes the strategies to achieving these were anchored on a clear and integrated customer-focused global strategy, an innovative business model, organisation restructuring for resilience, sustainability and perpetuity, and retooled human capital and talent management.
This is just as shareholders also approved about N188.385 million as dividend, at 65 kobo per share. The company’s financial statement showed revenue grew by 12 per cent to N3.377 billion in 2018, against N3.013 billion in 2017, while profit before tax stood at N454.3 million or 33.8 per cent above the N339.5 million recorded a year earlier.
Shareholders commended the Board and Management for the rapid improvement in all performance indicators in 2018. A shareholder, Lawrence Oguntoye, who urged the company to sustain the outstanding performance, also expressed concern over the effects of high taxes on the manufacturers in Nigeria.
Mr. Ayida attributed the company’s performance to collective efforts of the board, management and secretariat, and reiterated commitment towards value creation, while assuring shareholders of more opportunities for robust engagement.
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