The company Chemical and Allied Products Plc has declared N23.9bn in income for the year ended December 31, 2023.
CAP reported its audited financial results to the Nigerian Exchange Limited on Thursday, stating that its income grew by 24% compared to N14.2bn in 2022.
The company also proposes to pay shareholders a dividend of N1.26bn, equivalent to 155 kobo for each 50 kobo share.
According to a regulated information signed by Investor Relations, CAP, Jimi Sorinola, the firm grew gross profit by 18 per cent to N9.0bn.
Its operating profit rose by five percent to N3.3bn, and its profit before tax increased by 10% to N3.8bn from N3.4bn in 2022.
The total profit for the year was N2.5bn, a six percent increase from last year's N2.4bn.
The Managing Director of Chemical and Allied Products Plc, Bolarin Okunowo, commented that the company's growth in the past year demonstrated the management's resilience and dedication to enhancing productivity.
Okunowo stated, “Our performance in FY 2023 shows our resilience as a business. Despite facing several policy and macroeconomic challenges, including the cash shortage due to currency changes, the removal of petrol subsidies leading to higher raw material costs, and forex issues, we maintained our reputation for excellence by providing high-quality products and services that satisfy our customers.
Looking ahead, Okunowo added, “We will continue working to ensure our company remains strong in the face of macroeconomic challenges, while also striving to meet and exceed our customers’ expectations.
“The Board of Directors has proposed a full year dividend of N1.26 billion, representing 155 kobo per ordinary share of 50 kobo each, for payment to shareholders.
“This will be subject to the appropriate withholding tax and the approval of the shareholders at the forthcoming Annual General Meeting.”
