Taking cognizance of developments in its sector, Berger Paints Nigeria Plc has announced that it is adopting strategic transformational initiatives to enhance its global competitiveness and dominance of the Nigerian landscape for the next six decades.
A hint of the company’s tactical goals was given at the weekend by the Chairman, Mr. Abi Ayida, during the company’s annual general meeting (AGM) in Lagos.
The ambitious growth agenda would entail a complete overhaul of the company’s structure, people, processes and digital operations, and has been endorsed by the Board of Directors.
Ayida explained that on assumption of office, and after due consultation with the various units of the company and meetings with the relevant stakeholders, it was imperative for the company to re-position for global competitiveness and sustainable growth 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 organizational 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 Mr. Anjar Sircar has been appointed the new Managing Director to take charge of strategic business development and marketing functions of the company.
Until his appointment, Sircar was the Chief Executive Officer of the Elite Group of Companies, Bangladesh. Sircar, an astute professional, has wide and varied industry experience internationally, was a member of the Executive Committee of Nepal India Chamber of Commerce and Industries (NUCCI) and India Nepal Business Forum.
At the AGM, the shareholders approved the sum of N188.385 million to be paid as dividend, translating to 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 a growth of 33.8 percent over N339.5 million recorded in the corresponding year.
Shareholders commended the company’s Board and Management for the rapid improvements in all performance indicators in the last one year. A shareholder, Mr. Lawrence Oguntoye urged the company to sustain its outstanding performance, though expressing concern on the effects of taxation on manufacturers in Nigeria.
Ayida attributed the company’s performance to the collective efforts of the board, management and secretariat. He reiterated the company’s commitment to value creation and assured shareholders of more opportunities for robust engagements to move the company forward.
He said a help desk has been put in place to reinforce secretariat’s communication with the shareholders and assured shareholders that the company’s ultra-modern plant would be commissioned soon.
