- Contributed Long-standing Berger Paints shareholder, Clifford Borough (right), is greeted by Pokar Chandiram (left), director, and Warren McDonald (second left), managing director, at the company's recent annual general meeting at the Hilton Kingston Hotel.
BERGER PAINTS Jamaica Limited, which has recorded growth of seven per cent over the past five years, despite challenging market conditions, received a vote of confidence from shareholders led by long-standing investor, Clifford Borough, at the company's recent 48th annual general meeting.
According to a release, a review of the company's operations in the five-year period from 1995 to 1999, shows that its margins have remained steady, despite rising costs due to inflation and currency depreciation. This performance was mainly due to improved efficiency and productivity. Over the period, earnings per share have moved from 30 cents in 1995 to 40 cents in 1999; with dividends representing between 50 per cent and 62 per cent of annual profits.
In keeping with this strong payment policy, shareholders on record as at July 18, will receive a dividend of 22 cents per stock unit, in respect of the 1999 financial year, a proposal which was well-received by all and unanimously endorsed at the meeting.
Managing Director, Warren McDonald, said that, "Our emphasis on providing quality products and service, increasing customer satisfaction, improving productivity and efficiency, and taking advantage of market opportunities have contributed to our continued growth." He attributed the company's stability to "stringent and effective cost control initiatives, which have helped us to reduce our interest charges, and record a net interest income position."
The company continues to enjoy strong investor confidence in the marketplace with the value of shares recording a dramatic 114 per cent (as at July 10) growth since the start of the year, when they traded at $1.50 each.
