The shareholders of Chemical and Allied Products Plc (CAP), a paint manufacturer in Nigeria, has approved the payment of 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.

The company recorded a 24 percent growth in revenue to N23.9 billion, up from N19.2 billion in 2022. The company grew its gross profit by 18 percent to N9 billion, and profit before tax increased by 10 percent to N3.8 billion.

Folasope Aiyesimoju, the Board Chairman, said the increase in revenue and the company’s performance was due to the strength of the team, the dedication of trade partners and suppliers, customer loyalty, and CAP’s resilience as a business.

She said this at the company’s 59th Annual General Meeting (AGM) held in Lagos recently.

“Despite the dynamic economic landscape, our company delivered exceptional results in 2023, underscoring our resilience and adaptability. These results were achieved while navigating macroeconomic headwinds, proving the strength of our team and business model,” Bolarin Okunowo, CAP’s managing director said.

Okunowo said that profit for the year increased by six percent to N2.5 billion, with earnings per share rising to 309 kobo.

Okunowo said going forward the company plans to aggressively increase its retail footprint in Nigeria while deepening strategic partnerships and alliances.

“Our focus will be on expanding our market share across the decorative and industrial coatings segments. The positive macroeconomic outlook for 2024 provides a platform for CAP to expand its horizons and embrace growth. We are well-positioned to leverage the changing environment for sustainable growth, ” she said.

Also, shareholders deliberated on and resolved several matters, including the re-election of Folasope Aiyesimoju and Vitus Ezinwa as Directors retiring by rotation, and the approval for the appointment of Debola Badejo as Director.