Berger Paints Bangladesh, a multinational coating producer, announced a 3.57 per cent growth in annual net profit and a 400 per cent cash dividend for the financial year that ended on March 31, 2023.
The company recorded a net profit of Tk 301 crore in the fiscal 2022-23, showing an increase from the previous year’s profit of Tk 290.6 crore.
The cash dividends given by the multinational for the previous years were 375 per cent for FY22, 295 per cent for FY21, 250 per cent for FY20, 200 per cent for FY19, and 600 per cent for FY18.
Moreover, the company had issued a stock dividend of 100 per cent for FY18.
The company's consolidated earnings per share (EPS) stood at Tk 64.91, consolidated net asset value per share at Tk 279.78, and consolidated net operating cash flow per share (NOCFPS) at Tk 74.30 for the year ended March 31, 2023.
The figures were Tk 62.68, Tk 227.39, and Tk 63.32, respectively at the end of March 2022. Berger Paints Bangladesh faced several challenges last fiscal due to expensive raw materials and the local currency's depreciation against the US dollar, as highlighted by company secretary Khandker Abu Jafar Sadique.
However, the company implemented cost-saving measures and improved its operational efficiency to overcome these difficulties, he said.
As on April 2023, the ownership structure of Berger Paints Bangladesh comprised sponsors and directors jointly holding 95 per cent of shares, institutions 3.68 per cent, foreign investors 0.2 per cent, and the general public 1.12 per cent.
This distribution showcases the confidence of the sponsors and directors in the company's prospects.
On Thursday, Berger Paints shares closed at Tk 1,795 each on the Dhaka Stock Exchange’s trading floor.
The company has fixed June 26 as the record date for determining the eligibility of shareholders to receive the dividend. The final approval of the dividend will be obtained at the annual general meeting (AGM) scheduled for August 22.
Berger Paints Bangladesh offers a diverse range of products, including decorative paints, outdoor paints for weather protection, marine paints, textured coatings, heat-resistant paints, roofing compounds, epoxies, and powder coatings.