Berger Paints Nigeria Plc has released its unaudited financial results for the half-year ended June 30, 2026. The company reported a pre-tax profit of N1.20 billion, representing a 27% growth compared to the N945.82 million recorded in the corresponding period of 2025.
The financial statement, filed on the Nigerian Exchange on Friday, July 31, 2026, shows that the company sustained its growth trajectory despite experiencing higher administrative overheads during the period.
Revenue Growth and Cost Pressures
The company recorded a 13% growth in revenue to N6.97 billion, up from N6.16 billion in the first half of 2025. This growth was primarily driven by the sales of paints and allied products, which continue to form the core of the company's business operations.
Gross profit grew by 15% to N3.12 billion from N2.72 billion, outstripping revenue growth and indicating strong pricing power. Cost of sales rose to N3.84 billion from N3.44 billion in the prior year.
Operating profit increased by 18% to N1.10 billion, up from N928.83 million. This was achieved despite administrative expenses rising to N1.88 billion from N1.44 billion, driven by higher personnel, depreciation, and operating costs.
A significant reduction in selling and distribution expenses, which fell to N200.26 million from N374.84 million, helped cushion the impact of rising overheads. Additionally, net finance income jumped to N105.10 million from N16.99 million, supported by interest income and gains on financial liabilities measured at amortised cost, while finance costs stood at N42.21 million.
Balance Sheet and Liquidity Position
Berger Paints reported total assets of approximately N9.7 billion, with total equity rising to N5.41 billion from N5.28 billion in the prior year. The company's cash and cash equivalents rose to N628.88 million, representing a 76% increase from the N357.63 million recorded at the end of December 2025, and up from N238.26 million at the start of the year.
The company's total external debt stood at approximately N1.24 billion, which includes Bank of Industry facilities and lease obligations. During the six-month period, the company paid dividends totaling N386.36 million and continued to service its outstanding borrowings.
Market Reaction and Share Price Performance
As of July 31, 2026, the share price of Berger Paints closed at N147.60. This represents a 207.5% increase from the N48.00 closing price recorded at the end of 2025. The company's share price has remained unchanged at N147.60 since May 21, 2026.
The half-year performance builds on a strong first quarter in 2026, where the company recorded a pre-tax profit of N693.1 million. During the first quarter, revenue reached N3.3 billion compared to N2.9 billion in Q1 2025, with paint sales accounting for 99% of total revenue, while net finance income rose to N29.9 million from N6.2 million.
