The Chemical and Allied Products (CAP) Plc has declared N3.1 billion pre-tax profit for its financial year ended December 31, 2022.
This was contained in the company’s full year results released on the Nigerian Exchange Limited. Revenue grew by 35 per cent to N19.2 billion in 2022 from N14.2 billion in full year 2021. Cost of sales rose to N11.581 billion in 2022 as against N9.650 billion in 2021, while gross profit for the year ended 2022 amounted to N7.627 billion higher than N4.558 billion in 2021.
Operating profit recorded 90 per cent year-on-year growth to N2.959 billion as against N1.555 billion in 2021, while finance income rose to N167.276 million, a decline of seven per cent from N180.480 million in 2021.
Profit before taxation increased by 79 per cent to N3.093 billion higher than N1.727 billion, while net profit for the period under review stood at N2.087 billion compared to N1.123 billion declared in full year 2021. Earnings per share also stood at N2.56 from N1.51, a growth of 70 per cent.
The Company grew its total assets to N13.818 as at December 31, 2022 from N12.116 billion in December 31, 2021.
Speaking on the results, managing director of CAP, Bolarin Okunowo stated that, “our strong performance in the fourth quarter (Q4) is proof of our resilience as a business.
roeconomic environment has been challenging, we continue to deliver on our key objectives of providing high quality products and services that delight our customers.
“Going forward, we will consolidate on the positive momentum built from investments in our people, brands as well as operational and distribution infrastructure to continue to meet and exceed our customers’ expectations.”
Chemical and Allied Products is a paints and coatings company in Nigeria with globally recognised brands such as Dulux, Sandtex, Caplux and Hempel. CAP manufactures and sells decorative paints and industrial coatings.
CAP is the sole technological licensee of Akzo Nobel Coatings International B.V. and is the Nigerian representative of Hempel Paints South Africa (Pty) Limited.
CAP pioneered the colour centre concept in Nigeria in 2005, which resulted in the evolution of the Nigerian paint industry. CAP is a public company listed on the Nigerian Exchange and is a subsidiary of UAC of Nigeria Plc which holds 57.85 per cent of the company’s shares.
