Berger Paints Nigeria Income Statement

Financials in millions NGN. Fiscal year is January - December.

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	12,991	10,832	7,968	6,332	4,965
Revenue Growth (YoY)	19.93%	35.95%	25.84%	27.53%	29.37%
Cost of Revenue	7,271	6,988	5,259	4,326	3,382
Gross Profit	5,720	3,844	2,708	2,005	1,583
Selling, General & Admin	3,437	2,848	2,085	1,700	1,452
Other Operating Expenses	-51.89	-120.78	-65.29	-60.32	-43.41
Operating Expenses	3,385	2,731	1,976	1,652	1,417
Operating Income	2,335	1,113	732.58	353.81	165.64
Interest Expense	-83.38	-32.08	-28.42	-15.55	-35.63
Interest & Investment Income	137.15	11.97	40.58	15.48	16.1
Currency Exchange Gain (Loss)	-	-1.64	-	-0.62	7.96
Other Non Operating Income (Expenses)	44.18	31.29	12.88	2.45	2.79
EBT Excluding Unusual Items	2,433	1,122	757.62	355.58	156.85
Gain (Loss) on Sale of Assets	9.84	6.37	18.51	-	21.24
Pretax Income	2,443	1,129	776.32	355.58	178.09
Income Tax Expense	872.47	517.94	330.99	146.91	42.45
Net Income	1,571	610.86	445.33	208.67	135.64
Net Income to Common	1,571	610.86	445.33	208.67	135.64
Net Income Growth	157.12%	37.17%	113.41%	53.85%	-7.12%
Shares Outstanding (Basic)	290	290	290	290	290
Shares Outstanding (Diluted)	290	290	290	290	290
EPS (Basic)	5.42	2.11	1.54	0.72	0.47
EPS (Diluted)	5.42	2.11	1.54	0.72	0.47
EPS Growth	157.12%	37.17%	113.41%	53.85%	-7.12%
Free Cash Flow	2,370	-59.5	108.36	526.75	170.83
Free Cash Flow Per Share	8.18	-0.20	0.37	1.82	0.59
Dividend Per Share	1.650	1.200	1.000	0.700	0.400
Dividend Growth	37.50%	20.00%	42.86%	75.00%	-
Gross Margin	44.03%	35.49%	33.99%	31.67%	31.88%
Operating Margin	17.98%	10.27%	9.20%	5.59%	3.34%
Profit Margin	12.09%	5.64%	5.59%	3.30%	2.73%
Free Cash Flow Margin	18.25%	-0.55%	1.36%	8.32%	3.44%
EBITDA	2,624	1,364	926.32	552.59	368.03
EBITDA Margin	20.20%	12.59%	11.63%	8.73%	7.41%
D&A For EBITDA	288.29	250.9	193.74	198.78	202.4
EBIT	2,335	1,113	732.58	353.81	165.64
EBIT Margin	17.98%	10.27%	9.20%	5.59%	3.34%
Effective Tax Rate	35.71%	45.88%	42.63%	41.32%	23.84%
Advertising Expenses	261.7	233.91	158.79	76.87	65.27

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.