May 10,2018
Berger Paints Jamaica (BRG) 66TH Annual General Meeting was held today, at the Courtleigh Hotel. Opening remarks were made by Mr. Ray Sumairsingh, Berger’s Chairman, where he highlighted the acquisition of Berger Paints Jamaica by the ANSA McAL Group in July 2017. As such, Director/ General Manager, Andy Mahadeo emphasized that the current reporting period is not comparable with prior year, as Berger’s year-end was changed from March 31 to December 31, to coincide with that of its parent.
Notably, Berger’s revenue declined when compared to 2016/2017 on a pro-rata basis, which Mr. Mahadeo acknowledged was as a result of a few one-off-extra ordinary events; the one-week shutdown of operations and sales in order to conduct the verification exercise prior to the transfer of ownership as well as the significant legal and valuation costs incurred in September 2017. However, he highlighted that ‘Magicole’ continues to be well received as it still continues to demonstrate impressive growth especially amongst the younger demographic due to the vibrant colours offered.
Going forward however, Mr. Mahadeo remains positive on the outlook for Berger, indicating that the local construction sector activity has been and continues to drive strong demand and sales volume. He outlined there is plenty of room to gain market share from competitors and as such, they are aggressively looking at prices to their push their products.
In growing the Company, Berger’s Strategic Plans for 2018-2020 was provided:
- Investing heavily in plant and equipment.
- Growing exports by building out an export structure and targeting new markets in Central America and the Greater CARICOM region.
- Enter new market segments.
In closing, Mr. Mahadeo stated, “Opportunities beyond Jamaica are endless”
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