KINGSTON: International company Berger Paints Jamaica Limited has recorded 61.4 per cent or $5.26 million growth in net profit for its second quarter ending September 30.
The company lauded its efforts to increase market share which climbed from $430 million to $471 million despite a declining paint market.
The company continues to yield benefits from process improvements, energy cost, saving initiatives and its plant and machinery upgrade. These, together with growth in market share, have contributed to net profits of $30.6 million (over a six-month period) compared to $8.2 million for the comparative period last year, general manager Mustafa Turra said in a statement to shareholders.
Last November, Berger introduced its ‘virtually odourless’ interior emulsion paint, Berger Royale Satin, to push sales during the Christmas season with the flagship Berger 303 Flat Emulsion and Berger 404 Gloss Oil Paint.
The company has also spent in excess of $60 million during the year to facilitate upgrading of its production capabilities. According to Turra, the expenditure covered the acquisition of a new filling line, tinting machines, a palette lifter for its Montego Bay office, and improvements to its point-of-sale counters at dealer outlets.
Berger Paints closed the quarter with $13.8 million — up from the $8.5 million it posted over comparative quarters. The company’s assets increased $229.7 million while cashflow more than tripled to $25.6 million.
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