Board of the Chemical and Allied Products (CAP) Plc has increased the final dividend for the period ended 31 December 2018 to 290 kobo per share. This is 16 percent higher than the initial 250 kobo dividend per share recommended by the management of the company. The decision to raise the final dividend was reached at the meeting held on Thursday 18, April 2018 meant to review the first quarter unaudited financial statement for the period ended March 31, 2019.
“This is to inform the Nigerian Stock Exchange and all the investors, that the board of Chemical and Allied products Plc held its quarter 1, 2019 board meeting on Thursday 18 April 2019. “At the meeting, the board review and approved the company’s quarter 1, 2019 unaudited financial results. The board further reviewed the company’s dividend for the financial year ended 31 December 2018 and resolved that no dividend should be retained. Therefore, the 290 kobo earnings per share for 2018 should be recommended to shareholders as dividend for the year ended 31 December 2018. This is 40 kobo higher than the 250 kobo earlier recommended and advised. Consequently, the proposed dividend for the financial year ended 31, December 2018 is 290 kobo per share of 50 kobo each”, a notice signed by Rose Hamis, company secretary to the NSE stated.
The qualification date of May 24 2019 and then closure of register date of 27 to 31 May, remain unchanged.
In 2018, CAP realised N7.76 billion as revenue, which was higher by 6 percent than N7.11 billion realised in 2017. Operating profit for 2018 at N2.28 billion was better than N1.98 billion made in comparable period in 2017 by 16 percent. Finance income rose by 44 percent from N226.7 million in 2017 to N327.25 million in 2018.
Similarly, profit before taxation increased by 19 percent from N2.18 billion in 2017 to N2.60 billion in 2018. Profit after tax leapt by 35 percent from N1.50 billion in 2017 to N2.03 billion in 2018.
The first three months of 2019 showed the management of the firms has raised the bar. At the end of the first quarter 2019, CAP raked in N2.12 billion representing 8 percent increase over N1.96 billion made in similar period in 2018. Increase in operating profit was marginal at 1 percent as it stood at N615.14 million as at the end of the first quarter 2019 compared with N611.16 million same period in 2018.
Finance income for the period was up by 69 percent from N70.08 million in 2018 to N118.56 million in Q1 2019. Other income for the period stood at N18.67 million as against N15.31million same period in 2018. Both profit before tax and after tax profit increased by similar margin of 8 percent during the period. PBT at the end of the first quarter of 2019 was N733.73 million compared with N679.85 million same period in 2018. Profit after tax for the quarter was N498.94 million in contrast to N462.3 million in Q1 2018.
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