WorldStage Newsonline– Chemical and Allied Products Plc (CAP), Nigeria’s leading paints and coatings company has released its unaudited results for the period ended 31 March 2024 with 124% rise in gross profit to N3.0 billion as against Q1 2023.
Highlights of the result showed that revenue increased by 114% to N8.5 billion; operating profit soared to N1.1 billion, a 172% increase. Despite a rise in operating expenses due to inflationary pressures on the cost of services, the operating profit margin still expanded; profit before tax reached N1.9 billion, an increase of 230% from N576 million in Q1 2023, on the back higher net finance income (foreign exchange gains) in Q1 2024; and total profit for the period was N1.3 billion, with a net profit margin of 15%.
Commenting on the results, Managing Director, Bolarin Okunowo, stated: “We have had a very strong start to the year, witnessing solid revenue growth which demonstrates the resilience of our business model and the enduring strength of our brands across every product category.
“Despite the macroeconomic challenges, which have impacted consumer spending and operational costs, our diverse product range continues to meet the varying needs of our customers. The macro-economic environment remains volatile, but we are committed to adapting and continuing to serve our customers effectively.”
CAP is a leading 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 (NGX). It is a subsidiary of UAC of Nigeria PLC which holds 57.85% of the company’s shares.
