Shareholders of Chemical and Allied Products (CAP) Plc have approved a final dividend of N2.40 per 50 kobo ordinary share, amounting to a total dividend payout of N1.9 billion for the 2024 financial year.
The approval was granted during CAP’s 60th Annual General Meeting held recently in Lagos.
The company also reported a 52 percent year-on-year increase in revenue for the 2024 financial year to N36.4 billion, up from N23.9 billion in 2023.
The company reported that its profit before tax rose by 60 percent to N6.1 billion, while gross profit reached N14.8 billion, a 64 percent increase over the previous year.
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Folasope Aiyesimoju, CAP’s board chairman, attributed the strong performance of the company to the skill and dedication of its employees, the trust and entrepreneurial zeal of its trade partners and the continued patronage and support from customers.
“A core theme for the year was elevating the experiences of our customers to drive growth. As a business, we will continue to expand our product portfolio, enhance operational efficiency, and strengthen our customer base.”
Also, Bolarin Okunowo, CAP Plc managing director, said 2024 was another positive year for the business, noting that the organisation’s financial performance amid an unpredictable macro-environment reflects the resilience of its business model and capacity to thrive despite the challenges.
“In our resolve to embrace growth and deliver exceptional results, we continued to adapt our strategies, strengthen our operations, and remain customer-focused.”
“Our retail network grew to 137 stores, we expanded our factory capacity, and we diversified our product portfolio, which included the launch of new products to cater to the mid-tier market segment.”
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She noted that CAP is deeply encouraged by its stellar performance in 2024 and plans to focus on expanding its product offering and increasing its market share in its target 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 the growth and profitability of the business.”
At the AGM, shareholders expressed satisfaction with the company’s direction and performance, commending the Board and Management for their continued efforts in delivering operational excellence and driving shareholder value.
With continued confidence in its strategic path, CAP PLC remains committed to innovation, excellence, and delivering superior value to its stakeholders.
