Berger Paints gets ECOWAS Trade Liberalisation Scheme (EETLS) certification
Leading indigenous paint makers, Berger Paints Plc has secured the coveted ECOWAS Trade Liberalisation Scheme (EETLS) certificate.
The certification, will among other things, enable the company’s products be distributed freely across sub Saharan Africa, starting with Ghana.
Already, excited shareholders of the company approved N144.9 million dividends, culminating to 50 kobo per share for the 2016 financial year.
In his remarks before shareholders at the company’s yearly general meeting held in Lagos weekend, the Chairman of the compnay, Dr. Oladimeji Alo, explained that the company has embarked on various initiatives to reinforce its competitive edge and ensure overall growth and profitability.
He said the company has completed plans to redesign its bucket and cans to increase their aesthetics appeal and increase their security features to make them tamper proof.
Furthermore, he explained that the company would commission its new automated plant, which would help improve product quality and capacity to meet customers’ need this year.
He said “To reward our shareholders for their investment and their commitment to the company, the board is recommending, the payment of the sum of N144.9 million as dividend for 2016. This works out at the rate of 50 kobo per share.”
Alo further explained that the company was able to weather the storm in its 2016 operations through depot outsourcing scheme, greater marketing support, digital presence, factory modernisation and implementation of an Enterprise Resource Planning System, to promote performance in the current financial year.
He reviewed the company’s 2016 performance indicators explained that sales revenue and profit before tax which amounted to N2.60 billion and N271.8 million respectively were moderated by the major contraction of the economy and high operational cost.
Earlier in his welcome address, Berger Paints Managing Director and Chief Executive Officer, Peter Folikwe, said the company leveraged on quality products and this would continue to endear it to numerous consumers.
