Lagos — Chemical and Allied Paints (CAP) Plc (CAP), a subsidiary of UAC of Nigeria Plc, has announced a turnover of N4.31 billion for 2011, an increase of 18% over the corresponding period for the previous year.
The company also recorded a Profit Before Tax of N1.30 billion, an increase of 14.2% over the previous year. However, Profit After Tax of N1.01 billion, stood at 13.9% growth over the previous year due to the full provision made for the shortfall in employees gratuity.
A Dividend of N896 million, representing N1.60 kobo for every ordinary share, was approved for payment at the meeting.
Announcing the result at the meeting, the chairman of the company, Mr Larry Ettah, told the shareholders: "Despite the challenging operating environment in 2011, your company's financial performance was respectable, benefitting from sustained focus on strategic priorities across the business."
The chairman also said the company is poised to expand market penetration by opening additional inspiration colour centres.
He said: "We plan to introduce more innovative products and services, working with AkzoNobel to invest more in our flagship brand with a view to further consolidating our leadership position in the decorative paint market," he said.
He explained that the strategic expansion of the company's distribution footprint continued with the opening of additional three Dulux Colour Centres in Ibadan, Festac town in Lagos and Abuja.
He reiterated the company's emphasis on health, innovation, safety and environment in the year, which, according to him, was critical to ensuring high quality products and services to customers.
"To this end, we introduced Dulux Ecosure, an environmentally friendly paint into the Nigerian market. In view of the acceptance of the product, DuluxEcosure was successfully launched in April 2012," he said.