Chemical and Allied Products (CAP) Plc, one of Nigeria’s leading manufacturer and distributor of paints and coatings, has announced its unaudited financial results for the fiscal year ended December 31, 2024, showing a growth of 52 per cent in revenue.
CAP Plc’s financial performance for the year underscores the company’s resilience and operational efficiency. Specifically, the company recorded a revenue of N36.36 billion in 2024, up from N23.89 billion in 2023, fueled by an increased demand for its paint and coatings products.
By the end of 2024, the company’s Profit Before Tax (PBT) grew by 57 per cent, reaching N5.91 billion, while its Profit After Tax (PAT) surged by 69 per cent, totalling N2.64 billion, reflecting CAP Plc’s ability to maintain profitability in a dynamic market.
A key highlight of the year was the more than doubling (106 per cent increase) of the company’s Earnings Per Share (EPS) to N3.24, from N1.57 in 2023. According to the company, this growth reflects its increasing earnings capacity and signals the potential for enhanced shareholder dividends. In 2023, CAP declared a total dividend of N1.26 billion (N1.55 per 50 kobo ordinary shares), and this year’s financial results position the company to continue delivering competitive returns to shareholders.
The company’s investments in property, plant, and equipment grew by 161 per cent to N1.86 billion, aimed at expanding production capacity and introducing innovative products. These strategic investments are aligned with CAP’s long-term goal of driving sustainable growth while enhancing operational efficiency.
Reflecting its commitment to long-term growth, the company invested N1.86 billion in property, plant, and equipment, significantly enhancing production capacity and enabling the introduction of innovative new products to meet market demand.
Commenting on the results, Managing Director of CAP Plc, Mrs. Bolarin Okunowo, stated:
“Delivering these remarkable results in a challenging economy reflects the strength of our strategy, the commitment of our team, and the trust of our stakeholders. As we look to 2025, we remain focused on expanding our retail footprint, embracing innovative solutions, and enhancing the customer experience to drive sustainable growth and reinforce our leadership position in the industry.”
Looking ahead, CAP Plc is focused on diversifying its product portfolio and strengthening customer relationships, with a strategy that prioritizes long-term stakeholder value and advancing its environmental, social, and governance (ESG) objectives.
