The shareholders of Chemical and Allied Products (CAP) Plc have approved a final dividend of N2.40 per share, amounting to a total dividend payout of N1.9 billion for the 2024 financial year.
Reviewing its performance at the 60th Annual General Meeting (AGM) held in Lagos, the company reported a 52 per cent year-on-year increase in revenue to N36.4 billion, up from N23.9 billion in 2023. The company reported that its profit before tax rose by 60 per cent to N6.1 billion, while gross profit reached N14.8 billion, a 64 per cent increase over the previous year.
Speaking to shareholders at the AGM, Board chairman, CAP, Mr. Folasope Aiyesimoju, attributed the strong performance of the company to the skill and dedication of its employees, trust and entrepreneurial zeal of its trade partners and the continued patronage and support from customers.
He stated, “A core theme for the year was elevating the experiences of our customers to drive growth. As a business, we will continue to expand our product portfolio, enhance operational efficiency, and strengthen our customer base.”
Managing director of CAP, Bolarin Okunowo, stated that “2024 was another positive year for our Company. Our financial performance, amidst an unpredictable macro-environment, once again reflected the resilience of our business model and our capacity to thrive in spite of the challenges.
“In our resolve to embrace growth and deliver exceptional results, we continued to adapt our strategies, strengthen our operations, and remain customer focused. Our retail network grew to 137 stores, we expanded our factory capacity, and we diversified our product portfolio, which included the launch of new products to cater to the mid-tier market segment.”
She added that “we are deeply encouraged by the stellar performance of our company in 2024 and will focus on expanding our product offerings and increasing our market share in our target segments. We remain committed to delivering high quality products and services that exceed our customers’ expectations and leveraging technology to transform our operations and drive the growth and profitability of the business.”
At the AGM, shareholders expressed satisfaction with the company’s direction and performance, commending the Board and Management for their continued efforts in delivering operational excellence and driving shareholder value.
With continued confidence in its strategic path, CAP said it remains committed to innovation, excellence, and delivering superior value to its stakeholders.
Chemical and Allied Products is a leading paints and coatings manufacturing and distributing company in Nigeria with globally recognised brands such as Dulux, Sandtex, Caplux and Hempel. CAP Plc is the sole technological licensee of Akzo Nobel and the authorised distributor of Hempel. The Company 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 (NGX) and subsidiary of UAC of Nigeria Plc.
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