Berger Paints outlines growth strategies

Berger Paints Nigeria Plc yesterday outlined that product and distribution innovation and new investment to substantially grow sales and profitability.The board and management of Berger Paints Nigeria yesterday laid out the underlying dynamics of the company and its strategic growth direction at an interactive session with the investing public at the Nigerian Stock Exchange (NSE).Managing Director, Berger Paints Nigeria Plc, Mr Peter Folikwe said the company would focus on increasing its earnings and profitability by leveraging on its new automated factory and increase production output.He outlined that the company would seek to increase its market share, optimize return on investment (ROI) and implement risk management culture among others to ensure sustainable growth and returns to investors.According to him, top-notch and experienced management, high quality products, efficient market and strong distribution network, effective utilization of modern IT Technology and strong brands are some of the factors that enhance Berger Paints competitive edge.He noted that effective franchise growth and deployment of POS machine were among the key drivers that shall boost the companys profitability.We shall increase innovativeness and deepen routes to market to ensure that our products are available in most of the geo-political zones. Our outsourced business partners are being provided massive sales and marketing support to cause a desirable change in trade, Folikwe said.Chairman, Berger Paints Nigeria Plc, Mr Abi Ayida said the company would review its business model to improve its processes and take advantage of investment opportunities in Nigeria irrespective of the challenges in the operating climate.He assured that the company would partner with the NSE in some of its corporate social responsibilities (CSR).Stockbrokers commended the companys management for the presentation of facts behind the figures while Ayida rang the closing gong which symbolically closed the market.The NSE commended the management of Berger Paints for adhering to the post listing requirements, one of which requires regular provision of information by every quoted company to enable investors make investment decision.The Exchange advised the company to sustain its strategic and operational efforts aimed at ensuring shareholder value.Executive Director, Regulation, Nigerian Stock Exchange (NSE), Ms Tinuade Awe assured that the Exchange remained committed to partnering with quoted companies as stakeholders in the market ecosystem.According to her, the Exchange aggregates all issues affecting quoted companies, including corporate governance and tax reform and play pivotal role to ensure smooth operation of the companies.She commended resilience of Berger Paints despite the tough operating climate.
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