[RESULTS] CAP Pls reports 22% drop in Second Quarter Profits


Chemical and Allied Paint (CAP Plc) released its 2015 second quarter results posting a pre-tax profits of N558 million.

Key highlights

  • Revenue dropped QoQ by 3% to N1.75 billion
  • Operating expenses also rose 30% to N417 million hurting profit in the period under review
  • Pre-tax profits subsequently dropped 22% to N558million (2015 Q1: N715m)
  • On a year on year basis pre-tax profits of N558 million was 11% higher than the N504 million reported a year earlier.
  • See excerpts of result below
Chemical and Allied Products
CAP PLC  2015 Q2  2015 Q1  %age Change
 N’m  N’m
Income Statement
Revenue        1,750        1,808 -3%
Cost of sales          (853)          (833) 2%
Gross Profit            897            975 -8%
Operational Expenses          (417)          (320) 30%
Operating Profit            481            655 -27%
Other Income              12              16 -26%
Net Finance Income              65              44 50%
Profit Before Tax            558            715 -22%
Taxation          (175)          (229) -24%
Other Comprehensive Income               –               – #DIV/0!
Profit after Tax            382            485 -21%
Indices
Eps (Kobo)        54.50        69.24 -21%
Outstandng Shares            700            700 0%
Gross Profit Margin 51% 54% -5%
Operating Profit Margin 27% 36% -24%
Profit Margin 22% 27% -19%
SGA as a %age of Gross Profit 46% 33% 42%

Year on Year

Chemical and Allied Products
CAP PLC  2015 Q1  2014 Q2 %age Change
 N’m  N’m
Income Statement
Revenue        1,750        1,602 9%
Cost of sales          (853)          (791) 8%
Gross Profit            897            812 11%
Operational Expenses          (417)          (362) 15%
Operating Profit            481            449 7%
Other Income              12              12 0%
Net Finance Income              65              42 54%
Profit Before Tax            558            504 11%
Taxation          (175)          (162) 8%
Other Comprehensive Income               –               – #DIV/0!
Profit after Tax            382            342 12%
Indices
Eps (Kobo)        54.50        48.86 19%
Outstandng Shares            700            700 0%
Gross Profit Margin 51% 51% 1%
Operating Profit Margin 27% 28% -2%
Profit Margin 22% 21% 2%
SGA as a %age of Gross Profit 46% 45% 4%

 

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