Chemical and Allied Products (CAP) Plc released its 2022 unaudited full-year results on Friday, January 27, 2023, reporting a pre-tax profit of N3.1 billion.
This represents a 79% increase from the N1.7 billion the company reported during the same period in 2021.
Revenue
- 2022 FY: N19.2 billion
- 2021 FY: N14.2 billion
- Change: +35%
Gross Profit
- 2022 FY: N7.6 billion
- 2021 FY: N4.6 billion
- Change: +67%
Operating profit
- 2022 FY: N2.96 billion
- 2021 FY: N1.55 billion
- Change: +90%
Finance cost
- 2022 FY: N34 million
- 2021 FY: N8 million
- Change: +341%
Pre-tax profit
- 2022 FY: N3.1 billion
- 2021 FY: N1.76 billion
- Change: +79%
Net Profit after tax
- 2022 FY: N2.08 billion
- 2021 FY: N1.12 billion
- Change: +86%
Bottom line: The growth in pre-tax profits was due to the increase in sales of paint products despite inflationary pressure and depreciation of the naira.
The revenue from paint products accounted for 99% of the total revenue achieved by the company during the period under revenue.