Chemical and Allied Products (CAP) Plc has assured its shareholders of improved performance in the current financial year as it paid a total dividend of N1.435 billion for the year ended December 31, 2017.
The shareholders approved the payment of N1.435 billion dividends, which translates to N2.05 dividend per share.
Reviewing the company’s performance during the 53rd Annual General Meeting in Lagos yesterday, the chairman of the company, Larry Ettah said that despite the difficult operating environment in 2017, the company ended the year with a respectable performance, saying that the business recorded a sales turnover of N7.11 billion, representing a growth of four per cent over the previous year, while the operating profit was N1.98 billion, a decline of seven per cent over 2016.
Ettah stated that the successful commissioning of the company automated in-plant tinting factory was an achievement in 2017, saying that the factory will ensure emulsion paints are promptly and readily available to customers.
The chairman further said that the company retained its ISO 9001:2008 and achieved re-certification of ISO 14001:2004 on Quality and Environment Management systems, respectively, adding that “we will continue to offer high quality products and services to customers, while complying with regulatory requirements and conduct our operations on a healthy and safe manner, ensuring minimal impact on the environment.”
He explained that the recovery recorded in the Nigerian economy in 2017 is expected to be sustained in 2018, noting that the outlook for the Nigerian real estate market will be largely dependent on the overall performance of the economy.
According to him, the company is closely following developments at all levels and is prepared to key into opportunities that will be created.
He added that “we equally poised to take advantage of other structural reforms of the federal government, which might impact the housing and real estate sector.”
He added that the business will respond appropriately to the emerging paint market trends and different economic scenarios by growing its market share, increasing product and services offerings, expanding trade channels, implementing impactful and aggressive marketing initiatives and continuing to build people capacities.
CAP, a subsidiary of UAC of Nigeria Plc, operates in the coatings business and provides a wide range of quality products and services and its brands have become household names.
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