Chemical and Allied Products Plc (CAP) has announced its unaudited results for the period ended 30 June 2022 with a profit after tax of N904 million as against  N509 million representing a growth of  78%.

Profit before tax was N1.3 billion, up 91% from N697 million in half year of 2021while Gross profit 102% higher on the back of strong revenue growth and higher gross margin, up 988 bps.

Revenue grew by 53% to N8,745 billion in 2022 from N5.728 billion in the half year 2021. Operating expenses rose to N2,326 billion from  N1,367 billion in 2021, representing a  growth of 70%.

What the company is saying

Commenting on the results, Managing Director, Bolarin Okunowo, stated:  “We are excited with the results for this half year, having delivered double-digit growth in revenue and triple-digit growth in operating profit.

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We are seeing encouraging results from recent investments in our brands and distribution infrastructure and are confident that these investments will further yield positive results as well as expand the frontiers of our business.

Inflationary cost pressures remain a key concern and we are focused on delivering operational efficiencies and taking proactive pricing actions to combat the impact of rising costs”.

Other key financial highlights

  • Selling & Marketing expenses stood at N896 million in 2022 from N303 million, accounting for a 196% increase
  • Administrative expenses was N1,430 billion in 2022 from  N1,064 billion representing  34% growth
  • Other Operating Income stood N76 million in 2022 from  N219 million in 2021 accounting for N65% drop
  • Income Tax Expense  was N425 million from  N188 million in 2021, representing a growth of 127%

What you should know

  • Chemical and Allied Products Plc (CAP) is a 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. Today, CAP has 105 branded retail stores (Dulux Colour Centres, Sandtex Paints Stores and Dulux Colour Shops) across 31 states. CAP is a public company listed on The Nigerian Exchange (“NGX”). It is a subsidiary of UAC of Nigeria Plc which holds 56.54% of the company’s shares.