Chemical and Allied Products Plc (CAP) has released its unaudited financial results for the fourth quarter (Q4) and twelve months ended December 31, 2022.
Full year (FY) 2022 highlights
Revenue at N19.2 billion, represents an increase of 35percent compared to N14.2 billion in FY 2021. Gross profit came 67percent higher at N7.6 billion. Gross margin was at 40percent, a significant improvement from 32percent last year.
Operating profit was 90percent ahead of FY 2021 at N3billion. Profit before tax (PBT) of N3.1 billion went up 79percent from N1.7 billion in FY 2021.
Q4 2022 highlights
Highlights of the fourth-quarter (Q4) 2022 result showed revenue at N6.1 billion was 27percent ahead of Q4 2021. Also, gross profit rose by 28percent higher on the back of strong revenue growth. Operating profit came 71percent higher at N1.1 billion, driven by the company’s focus on delivering operational efficiencies.
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Chemical and Allied Products Plc (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 57.85percent of the company’s shares.
Commenting on the results, Bolarin Okunowo, Managing Director, Chemical and Allied Products Plc stated, “Our strong performance in the fourth quarter, is proof of our resilience as a business.”
“Although the macroeconomic environment has been challenging, we continue to deliver on our key objectives of providing high quality products and services that delight our customers.
“Going forward, we will consolidate on the positive momentum built from investments in our people, brands as well as operational and distribution infrastructure to continue to meet and exceed our customers’ expectations,” Okunowo said.