…highest earnings per share in five years
Shareholders in Chemical and Allied Products (CAP) Plc are expected to receive 57 percent more in the 2024 financial year than they received in the previous year.
Earnings per share grew to N4.86 per share in 2024 from N3.09 per share in 2023. In the fourth quarter, CAP Plc’s earnings per share stood at N1.63 from N1.14 during the period.
The growth in earnings per share implies the firm’s increase in earnings capacity which translates to potential enhanced shareholder dividends.
CAP’s revenue during the period increased by 52 percent to N36.4 billion which can be attributable to an increased demand for its paint and coatings products.
“The 52 percent revenue growth in 2024, reaching N36.36 billion from N23.89 billion in 2023, was fueled by increased demand for its paint and coatings products. This consequently resulted in higher sales volumes, which accounted for 99.8 percent of total revenue and an expanded customer base,” the firm said in a statement.
The manufacturer and distributor of paints and coatings also recorded a 58 percent growth in after-tax profit to N3.96 billion which underscores the ability to remain profitable despite economic headwinds.
Bolarin Okunowo, managing director of CAP Plc, while commenting on the financial results stated that, “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,” she said.
She stated that CAP Plc is focused on diversifying its product portfolio and strengthening customer relationships, with a strategy that prioritises long-term stakeholder value and advancing its environmental, social, and governance (ESG) objectives.
CAP Plc’s investment in property, plant, and equipment amounted to N1.86 billion in 2024 which indicates a 161 percent growth from the previous year. The firm’s investment shows its commitment to long-term growth to improve production capacity and enable the introduction of innovative new products to meet market demand.
Read also: CAP Plc raises awareness on dangers of lead exposure, promotes prevention strategies
Chemical and Allied Products Plc has a diversified portfolio of renowned brands that cater to a wide range of customer needs. These include Dulux, the global leader in premium decorative paints; Sandtex, designed for the standard decorative segment; Caplux, which offers surface treatment solutions; and Hempel, specializing in industrial coatings for protective and advanced applications.
CAP PLC recently launched Caplux Dampshield, a new solution designed to protect homes from moisture and dampness, now available across all Dulux and Sandtex stores nationwide. The product is engineered to address issues related to damp plastered or concrete walls, ensuring homes remain safe, healthy, and visually appealing.
Caplux Dampshield features a unique formula that deeply penetrates surfaces to create a protective barrier against moisture. It promises long-lasting durability, keeping walls free from damp stains while preventing the buildup of mold and mildew, which can pose health risks to occupants.
The product’s versatility makes it suitable for both interior and exterior surfaces, offering comprehensive protection throughout the home.
Adekemi Olurin-Alegbeleye, head of consumer and trade marketing at CAP PLC stated that Caplux Dampshield has an advanced formulation that ensures long-lasting protection against dampness and moisture.
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