Berger Paints Announces Resignation of Director

Berger Paints Announces Resignation of Director

Berger Paints Nigeria Plc has announced the resignation of Mr. Wole Abegunde, a Non-Executive Director from its board due to his demanding schedule and other commitments and this takes effective from October 25, 2018.

Abegunde is the Group Managing Director of Meristem Securities Limited.

Berger Paints Nigeria Plc commenced operation in Nigeria on the 9 January 1959 and has grown to be a leader in the Coating and Allied Industry in Nigeria – a legacy inherited from Lewis Berger, the German colour chemist who founded the Berger Paints’ dynasty in London, in 1760.

Operating in 5 business segments Decorative/Architectural finishes, Industrial Coatings, Marine & Protection coatings, Automotive/Vehicle refinishes, Wood Finishing and Preservers, with a manufacturing plant and main distribution centre in Lagos, over 25 depots/business partners’ outlets, Colour World centres and a countrywide distribution network of dealers in strategic locations spread throughout the country.

It has pioneered a wide range of speciality products that are much sought after in this dynamic and ever-changing market.

Results for the third quarter ended September 30 2018, show revenue increased from N2.1 billion in 2017 to N2.4 billion in 2018.

Profit before tax increased from N167 million in 2017 to N267 million in 2018. Profit after tax increased from N113 million in 2017 to N181 million in 2018.

Berger Paints Nigeria Plc is currently trading at N6.60 in today’s trading session on the Nigerian Stock Exchange (NSE).

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