Berger Paints holds 48th AGM

The 48th annual general meeting of Berger Paints Bangladesh Limited was held on October 6 through digital

platform.

Berger Paints Bangladesh Limited Chairman Gerald K Adams presided over the meeting, the company said in a statement on Thursday.

Berger Managing Director Rupali Chowdhury along with other directors -- Anil Bhalla, Anis A Khan, Masud Khan, Rishma Kaur, Kanwardip Singh Dhingra, Sunil Sharma, Parveen Mahmud, Abhijit Roy and Sazzad Rahim Chowdhury also attended the annual general meeting (AGM).

Gerald K Adams presented the directors’ report, auditors’ report and audited financial statements for the year ended March 31, 2021 before the shareholders while Rupali Chowdhury replied to the shareholders’ queries.

The company also approved 375 per cent cash dividend for 2020-2021 in the meeting.

Berger achieved 2.8 per cent revenue growth and around 6 per cent volume growth in the year ended March 31, 2021. The company gained market share in 2020-2021. Almost two months of the first quarter of the year was under lockdown due to Covid-19 pandemic.

At the backdrop of 2.8 per cent revenue growth, the company achieved 12.3 per cent growth in income before tax. During the period, cost of sales reduced from 61.5 per cent to 60.2 per cent of net sales. Despite higher sales in 2020-21, total expenses both in absolute value and as a percentage of net sales reduced from previous year, resulting higher profitability in 2020-21, said the statement.

During the year, Berger Paints Bangladesh has been awarded for ‘Top VAT Payer’ for year 2018-2019 under manufacturing category.

The company also received ‘ICMAB Best Corporate Award 2019’ in the category of multinational manufacturing industries. In addition, Berger Paints has been awarded the ‘Best Paint Brand’ in paint category for 10th consecutive years by Bangladesh Brand Forum (BBF) in partnership with Nielsen Bangladesh.