WorldStage Newsonline– Chemical and Allied Products Plc (CAP), one of Nigeria’s leading paints and decorative companies, announced its unaudited results for the fourth quarter and twelve months ended 31 December 2020 with 4% growth in revenue to N8.737 billion from N8411 billion in 2019
However, profit for the year dropped by 26% to N1.289 billion from N1.742 billion in 2019.
Commenting on the performance, Managing Director, David Wright, stated: “CAP recorded modest top-line growth last year despite the COVID-19 lockdown in the second quarter of 2020 and protests in the fourth quarter of 2020, effectively losing 7 weeks of sales.
“We are encouraged by the growth in revenue which has been solely driven by underlying volume growth in line with our strategy. Alongside the rest of the world, we experienced supply chain disruptions which impacted our raw material sourcing and resulted in input costs pressures.
“We have embarked on initiatives focused on mitigating these disruptions and expect to see positive results in 2021.
“We announced the proposed merger between CAP and Portland Paints and Products Nigeria Plc in the fourth quarter of 2020. We have received preliminary regulatory approvals and an order from the Federal High Court to hold a Court-Ordered Meeting. Merger completion is subject to shareholder approval and final regulatory approvals and we expect to conclude the merger in the first quarter of 2021.”
