Shareholders of paint manufacturer in Nigeria and West Africa, Chemical and Allied Products Plc (CAP Plc.) have approved a final dividend of N1.55 kobo per 50 kobo ordinary share, bringing the total dividend declared for the 2023 financial year to N1.26 billion.

Reviewing its performance at its 59th yearly general meeting (AGM) held in Lagos recently, the company noted a 24 per cent topline growth in revenue to N3.9 billion, up from N19.2 billion in 2022.

Addressing shareholders, Board Chairman, Folasope Aiyesimoju, attributed the increase in revenue and the company’s record-breaking performance to the strength of the team, dedication of trade partners and suppliers, customer loyalty and CAP’s resilience as a business. He added that the company grew its gross profit by 18 per cent to N9 billion and profit before tax increased by 10 per cent to N3.8 billion.

CAP’s Managing Director, Bolarin Okunowo, speaking on their financial performance, said despite the dynamic economic landscape, they delivered exceptional results in 2023, underscoring their resilience and adaptability. These results she said were achieved while navigating macroeconomic headwinds, proving the strength of their team and business model. She noted that profit for the year increased by six per cent to ₦2.5 billion, with earnings per share rising to 309 kobo.

Speaking on future plans, she said they plan to aggressively increase their retail footprint in Nigeria and deepen strategic partnerships and alliances. “Our focus will be on expanding our market share across the decorative and industrial coatings segments. We remain committed to delivering high-quality products and services that exceed customers’ expectations and leveraging technology to transform our operations and drive growth and profitability. The positive macroeconomic outlook for 2024 provides a platform for us to expand our horizons and embrace growth. We are well-positioned to leverage the changing environment for sustainable growth.”