[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%