Berger Paints Posts 153% Increase in Profit in 2023

Berger Paints, a leading paint manufacturer in Nigeria, reported a remarkable 25% increase in revenue, surging from N6.332 billion in 2022 to N7.910 billion in 2023.

According to the company’s unaudited financial statements released on Friday, gross profit also experienced significant growth, rising by 29% to N2.594 billion from N2.01 billion in 2022.

Operating profit soared by an impressive 128% to N881.307 million in 2023, compared to N386.021 million in the previous year.

Profit before tax surged by 119% to N777.558 million, up from N355.579 million in 2022, while profit after tax witnessed a remarkable 153% increase, reaching N528.739 million compared to N208.670 million in 2022.

Moreover, the company’s total equity expanded by 10% from N3.323 billion in 2022 to N3.648 billion in the same period.

Berger Paints’ robust financial performance underscores its resilience and effective strategic initiatives amidst economic challenges.

The significant profit growth reflects the company’s ability to capitalize on market opportunities and optimize operational efficiency.