Chemical and Allied Products (CAP) Plc, Nigeria’s leading manufacturer and distributor of paints and coatings, has announced its unaudited financial results for the fiscal year ending December 31, 2024.
CAP Plc’s financial performance for the year underscores the company’s resilience and operational efficiency.
The 52% revenue growth in 2024, reaching N36.36bn from N23.89bn in 2023, was fueled by an increased demand for its paint and coatings products.
This consequently resulted in higher sales volumes, which accounted for 99.8% of total revenue and an expanded customer base.
Reflecting its commitment to long-term growth, the company invested N1.86bn in property, plant, and equipment, significantly enhancing production capacity and enabling the introduction of innovative new products to meet market demand.
By the end of 2024, the company’s Profit Before Tax (PBT) grew by 57%, reaching N5.91bn, while its Profit After Tax (PAT) surged by 69%, totalling N2.64bn. These figures reflect CAP Plc’s ability to maintain profitability in a dynamic market.
A key highlight of the year was the more than doubling (106% increase) of the company’s Earnings Per Share (EPS) to N3.24, from N1.57 in 2023.
This growth reflects CAP Plc’s 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% to ₦1.86bn, 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.
Commenting on the results, Mrs Bolarin Okunowo, managing director of CAP Plc, 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.
