CAP Reports N5.9bn Pre-tax Profit In 2024

Chemical and Allied Products (CAP) Plc has reported profit before tax of N5.9 billion for the year ended December 31, 2024.

The company, in its unaudited results, showed that profit before tax grew by 57 per cent from N3.8 billion in the full year 2023 to N5.9 billion for the year 2024. Profit after tax rose by 58 per cent to N 3.963 billion as against N2.515 billion, while earnings per share stood at N4.86 from N3.09 as at December 2023.

Revenue also rose by 52 per cent to N36.4 billion higher than N 23.890 billion in the full year 2023. Gross profit rose by 64 per cent to N14.8 billion compared to N9.012 billion in 2023, while operating profit stood at N5.3 billion compared to N 3.253 billion in 2023.

The company’s total assets stood at N19.583 billion as against N15.374 billion in 2023, while total equity amounted to N10.670 billion from N7.970 billion in 2023.

Speaking on the results, managing director of CAP, Bolarin Okunowo stated, “we are delighted to announce our performance for Q4 2024, reflecting the resilience of our business model and our ability to thrive in a challenging operating environment.”

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He explained that “revenue, operating profit, and profit before tax increased by 48 per cent, 57 per cent, and 40 per cent, respectively. These strong results were achieved because of the trust and commitment shown by our customers, trade partners and employees. As we look ahead to 2025, we remain focused on elevating the experiences of our customers and exceeding the expectations of all our stakeholders.”