The shareholders of Chemical and Allied Products Plc (CAP) 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 Annual General Meeting (AGM) held in Lagos recently, the company noted a 24 per cent topline growth in revenue to N23.9 billion, up from N19.2 billion in 2022.
Addressing shareholders at the AGM, the Board Chairman Mr. Folasope Aiyesimoju attributed the increase in revenue and the company's record-breaking performance to the strength of the team, the 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 18per cent to N9 billion, and profit before tax increased by 10per cent to N3.8 billion.
CAP's Managing Director, Mrs. Bolarin Okunowo, spoke on the company's financial performance, stating, "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." She noted that profit for the year increased by six per cent to N2.5 billion, with earnings per share rising to 309 kobo.
She further elaborated on future plans saying, "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. We remain committed to delivering high-quality products and services that exceed our customers' expectations and leveraging technology to transform our operations and drive growth and profitability. 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."
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At the conclusion of the AGM, shareholders expressed satisfaction and commended the Board of Directors for their strategic drive in enhancing the company's performance over the past financial year. They appreciated the distribution of dividends and the board's commitment to sustaining shareholder value. Additionally, shareholders deliberated on and resolved several matters, including the re-election of Mr. Folasope Aiyesimoju and Dr. Vitus Ezinwa as Directors retiring by rotation, and the approval for the appointment of Mr. Debola Badejo as Director.
With renewed optimism and confidence in CAP's strategic direction, the company remains steadfast in its mission to create long-term value for its stakeholders through innovation, operational excellence, and a customer-centric approach. The company looks forward to another year of remarkable achievements and sustained growth.
