Shares of Chemical & Allied Products Plc (CAP) closed the week ended May 8, 2026, with a solid 60.95% gain, extending bullish performance across the Nigerian Exchange.

The paint manufacturer settled at N233.7 per share, up from an opening price of N145.20, after recording gains in all five trading sessions and crossing the N200 per unit threshold.

Supported by trading volume exceeding 8 million shares, the stock topped the NGX weekly gainers’ chart, ahead of Zichis Agro Allied and FTN Cocoa, which advanced 53.17% and 50.91% respectively.

The rally marked CAP’s third straight week of gains, pushing its year-to-date return to 238.70%, as investor sentiment appeared to strengthen after the company announced a dividend of N4 for FY2025 on March 27, 2026.

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What the data is saying

According to data from the Nigerian Exchange, Chemical & Allied Products Plc declared a dividend of N4 per share for FY2025, valued at N3.2 billion, based on 814,747,500 outstanding shares.

  • The payout exceeded the N2.4 per share declared for FY2024, representing a 66.67% increase in dividend distribution year-on-year.
  • Backed by an audited post-tax profit of N5.7 billion for the 2025 financial year, up 50.89% year-on-year, the dividend reflects a payout ratio of 56.73%, alongside stronger earnings performance during the period under review.

Earlier, the unaudited financial statements released on the Exchange on January 27, 2026, showed post-tax profit rose to N6.1 billion from N3.8 billion in the prior year, before being adjusted slightly lower after audit.

Following the earnings release, the stock rallied strongly in early February 2026, breaking above the N100 mark before experiencing sharp price swings from late February through most of March.

Bullish momentum resumed in the week of April 20, 2026, following the dividend announcement, and strengthened ahead of the Q1 2026 results released on April 28, with the stock extending its gains into a third consecutive weekly close by May 8.

Get up to speed

According to its Q1 2026 results, Chemical & Allied Products Plc reported continued profitability growth, with post-tax profit rising to N1.5 billion from N1.1 billion in the same period of the previous year.

  • Top-line performance remained firm, as revenue increased to N11.5 billion from N10.08 billion, fully driven by the sale of paint products, which accounted for 100% of total revenue.

Despite the uptick in production costs, gross profit remained resilient, rising to N5.08 billion from N4.4 billion.

  • Building on this, operating profit advanced 40% year-on-year to N2.1 billion, after accounting for selling and marketing expenses of N1.2 billion, administrative expenses of N1.8 billion, and other income of N119.9 million.

On the balance sheet, retained earnings rose to N13.9 billion from N12.3 billion, reflecting higher accumulated profits, while total assets stood at N26.4 billion, indicating growth in the company’s resource base.

What you should know  

Total liabilities were broadly stable in Q1 2026, rising slightly to N10.5 billion from N10.2 billion.

On the Nigerian Exchange, Chemical & Allied Products Plc has outperformed the NGX Industrial Goods Index, which has posted a year-to-date return of 108.81%.

Quarter-to-date, CAP is up 134% and is positioned for its strongest quarterly performance yet if the current momentum continues through June.