WorldStage Newsonline– Chemical and Allied Products Plc, Nigeria’s leading paints and coatings company has released it fourth quarter (Q4) and full year 2023 with 21% rise in profit before tax of N3.7 billion from N3.1 billion in FY 2022 and 18% rise in profit after tax to N2.486 billion from N2.103 billion in 2022.
Highlights of FY 2023 include Revenue at N23.9 billion, an increase of 24% compared to N19.2 billion in FY 2022; Gross profit increased by 19% to reach N9.0 billion; Operating profit reached N3.2 billion, reflecting a 4% increase from the levels recorded in FY 2022,
despite escalating cost pressures throughout the year.
Commenting on the results, Managing Director, Bolarin Okunowo, stated: “Our record-breaking performance in the fourth quarter of FY 2023 stands as a testament to the strength of our team and underscores our resilience as a business. Despite facing numerous macroeconomic challenges throughout 2023, notably the rapid escalation of raw material prices due to the removal of petrol subsidies and foreign exchange challenges, our company has steadfastly maintained its commitment to delivering high-quality products and services, earning a reputation for excellence. The trust our customers place in the quality of our product portfolio has been pivotal in navigating this challenging economic environment.”
