Wanting forward, Berger Paints is prioritising innovation with plans to introduce new coatings tailor-made for local weather resilience and high-performance purposes. Moreover, the corporate intends to deepen partnerships with native contractors and retailers to strengthen its market management.(photograph contributed)
BERGER Paints Jamaica Restricted (BPJL) has staged a outstanding monetary turnaround, reporting a internet revenue of $105.7 million in 2024 after recording a $218.4-million loss the earlier 12 months.
The corporate’s resurgence follows a 12 months of management adjustments, together with the resignation of Chairman Adam Sabga and Director Andy Mahadeo, who each stepped down efficient October 31, 2024.
Underneath the management of latest Chairman Christian Llanos the corporate has intensified its operational efficiencies, strengthened its market place, and restored profitability.
BPJL closed the 12 months with a 4 per cent enhance in income, reaching $3.49 billion — up from $3.36 billion in 2023. The fourth quarter was significantly robust, with income rising 7 per cent to $1.2 billion, supported by strategic cost-cutting and improved operational efficiencies.
In keeping with Llanos, a key driver of BPJL’s restoration was its potential to handle bills whereas growing gross sales. The corporate’s gross revenue margin surged by 18 per cent within the fourth quarter, climbing to 52 per cent as value of products bought (COGS) fell by 4 per cent to $577 million. Working bills had been additionally diminished by $61 million 12 months on 12 months, totalling $496 million in This autumn.
These effectivity measures helped BPJL swing from a pre-tax lack of $255.8 million in 2023 to revenue earlier than tax of $151.8 million in 2024 — a turnaround of over $407 million.
The stellar efficiency was not restricted to its revenue assertion. BPJL’s steadiness sheet has additionally strengthened, with shareholders’ fairness climbing to $1.17 billion from $1.05 billion a 12 months earlier. The corporate diminished its liabilities from $1.35 billion in 2023 to $1.28 billion in 2024, signalling improved monetary stability. Money and financial institution balances elevated to $190.6 million, in comparison with $157.6 million in 2023, underscoring higher money stream administration.
Wanting forward, Llanos outlined BPJL’s technique to construct on its current success.
“We’re strengthening our provide chain, increasing product choices, and leveraging know-how to enhance effectivity. Our aim isn’t solely to maintain profitability however to drive long-term progress within the Jamaican market and past,” he mentioned within the preamble to the corporate’s just-released outcomes.
The corporate can be prioritising innovation, with plans to introduce new coatings tailor-made for local weather resilience and high-performance purposes. Moreover, BPJL intends to deepen partnerships with native contractors and retailers in order to strengthen its market management.
The management shake-up at BPJL got here as a part of a broader transition inside its guardian firm, Ansa Coatings Worldwide Restricted. With Sabga and Mahadeo’s departure the corporate has moved to realign its strategic focus, emphasising progress within the native market and improved stakeholder engagement. Llanos famous that the brand new management group is dedicated to continuity and operational excellence.
“Berger Paints Jamaica has a long-standing popularity for high quality, and we’re centered on driving innovation and buyer satisfaction whereas making certain operational efficiencies,” he mentioned.
As BPJL enters 2025, its focus stays on capturing market alternatives in Jamaica’s development and residential enchancment sectors. The corporate is banking on continued demand for renovation and infrastructure tasks to be able to gasoline additional progress.
— Karena Bennett
