Berger Paints Jamaica Rebounds with J$151.8M Profit, Renews Dividends at 2024 AGM

Kingston, Jamaica — Berger Paints Jamaica Limited (BPJL), a leading name in the Caribbean’s coatings industry, marked a triumphant financial recovery at its Annual General Meeting (AGM) held on Friday, May 9, at the Jamaica Pegasus Hotel. The meeting brought together shareholders, directors, and industry stakeholders to reflect on the company’s impressive 2024 fiscal performance and chart the course for future growth.

Resilience Amid Global Challenges

In his opening remarks, Chairman Christian Llanos praised the company’s ability to navigate economic turbulence, highlighting BPJL’s resilience in the face of inflationary pressures and lingering global supply chain disruptions.

“Berger Paints Jamaica delivered steady performance and continued to invest in product innovation and operational efficiency,” Llanos said, underscoring the company’s focus on long-term value creation.

Strategic Pillars Driving Success

General Manager Dwaine Williams outlined a four-pronged strategic framework responsible for BPJL’s turnaround—Route to Market, People, Plant & Warehouse Optimisation, and Portfolio Expansion. He noted that one of the year’s standout investments was a J$130 million expansion project for a new trowel-on facility at the company’s Spanish Town Road headquarters. The facility is expected to ramp up production by an additional one million litres, significantly strengthening BPJL’s manufacturing capabilities.

Financial Turnaround and Shareholder Gains

The financial results painted a compelling picture of recovery. BPJL posted a net profit of J$151.8 million for the fiscal year ended December 31, 2024, a remarkable turnaround from the J$255.8 million loss recorded the previous year. This equates to a 160% growth in profit before tax.

Revenue also registered a modest 4% increase, bolstered by solid performance across retail and industrial segments. Additionally, improved cost management strategies led to a 15% reduction in the cost of goods sold, which in turn helped gross profits rise by 24%, reaching J$134 million.

Perhaps the most celebrated announcement came with the resumption of dividend payments—BPJL’s first since 2018. A dividend of J$0.125 per share was declared, accompanied by an earnings per share (EPS) of J$0.49, drawing strong applause from shareholders.

Looking Ahead: Innovation and ESG Commitments

In addition to electing board members and approving the auditor’s report, the AGM focused on BPJL’s forward-looking strategy. The company is set to enhance its technological capabilities and accelerate implementation of Environmental, Social, and Governance (ESG) practices, reaffirming its commitment to sustainability and corporate responsibility.

Industry Leadership and National Impact

Berger Paints Jamaica continues to dominate the local paint and coatings sector and remains a significant contributor to regional manufacturing, job creation, and community development. With a renewed financial footing and a robust strategic direction, BPJL is poised to strengthen its leadership in the Caribbean marketplace.

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