Paints and coatings company, Chemical and Allied Products Plc, has reported N23.9bn in revenue for the financial year ended December 31, 2023.
CAP in its audited financial result subimmted to the Nigerian Exchange Limited on Thursday, said its revenue rose 24 per cent compared to N14.2bn in the corresponding period of 2022.
The firm also proposed a full year dividend of N1.26bn, which represents 155 kobo per ordinary share of 50 kobo each, for payment to shareholders.
According to a regulated information signed by Investor Relations, CAP, Jimi Sorinola, the firm grew gross profit by 18 per cent to N9.0bn.
Its operating profit also increased by five per cent ahead of FY 2022 to N3.3 bn, while profit before tax of N3.8bn, up 10 per cent from N3.4bn in FY 2022.
Total profit of the year stood at N2.5bn with a six per cent increase compared to N2.4bn posted last year.
The Managing Director, Chemical and Allied Products Plc, Bolarin Okunowo, while commenting on the results stated that the growth recorded by the firm in the financial year under review was a testament to the management resilience and commitment to boost productivity.
He said, “Our performance in FY 2023 is a testament to our resilience as a business. Despite facing numerous policy and macroeconomic challenges throughout the year— notably the cash crunch from the naira re-design, the removal of petrol subsidies leading to a rapid escalation in the prices of raw materials, general goods and services, and foreign exchange challenges—we steadfastly maintained our reputation for excellence by providing high-quality products and services that delight our customers.
Moving forward, Okunowo added, “We will consolidate efforts to ensure that our company remains resilient against macroeconomic headwinds, while also continuing to earn and exceed our customers’ expectations.
“The Company is pleased to announce that its Board of Directors has proposed a full year dividend of N1.26 billion, which represents 155 kobo per ordinary share of 50 kobo each, for payment to shareholders.
“This will be subject to the appropriate withholding tax and the approval of the shareholders at the forthcoming Annual General Meeting.”