At the 59th Annual General Meeting (AGM) of Chemical and Allied Products Plc (CAP), shareholders approved a final dividend of N1.55 kobo per 50 kobo ordinary share, bringing the total dividend declared for the 2023 financial year to a significant N1.26 billion.
The AGM, held recently in Lagos, highlighted the company’s financial performance and strategic initiatives that have driven its success.
Reviewing the company’s performance, CAP reported a 24% increase in revenue to N23.9 billion, up from N19.2 billion in 2022.
Board Chairman Mr. Folasope Aiyesimoju attributed the growth to the dedicated efforts of the team, loyal customers, and resilient business strategies.
He noted that the company’s gross profit rose by 18% to N9 billion, while profit before tax increased by 10% to N3.8 billion.
CAP’s Managing Director, Mrs. Bolarin Okunowo, addressed the shareholders, highlighting the company’s financial achievements despite challenging economic conditions.
“Our exceptional results in 2023 underscore our resilience and adaptability in navigating macroeconomic headwinds. These achievements are a testament to the strength of our team and business model,” she said.
The profit for the year saw a 6% increase to N2.5 billion with earnings per share rising to 309 kobo.
Looking ahead, Mrs. Okunowo outlined CAP’s strategic plans for future growth.
She said “We plan to aggressively increase our retail footprint in Nigeria while deepening our strategic partnerships and alliances. Our focus will be on expanding our market share across the decorative and industrial coatings segments.”
Mrs. Okunowo said the company is committed to delivering high-quality products and leveraging technology to drive growth and profitability.
“The positive macroeconomic outlook for 2024 provides a platform for CAP to expand its horizons and embrace growth.”
Shareholders at the AGM expressed satisfaction with the company’s performance and the board’s strategic direction. They commended the distribution of dividends and the commitment to sustaining shareholder value.
The meeting concluded with the re-election of Mr. Folasope Aiyesimoju and Dr. Vitus Ezinwa as Directors retiring by rotation, and the approval of Mr. Debola Badejo as a new Director.
With renewed optimism and confidence in its strategic direction, CAP remains committed to creating long-term value for stakeholders through innovation, operational excellence, and a customer-centric approach.
The company looks forward to another year of remarkable achievements and sustained growth.