Foreign Currency

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. 

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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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