Chemical and Allied Products (CAP) Plc, a manufacturer and distributor of paints and coatings, said it recorded a 69 percent year-on-year, YoY, rise in its Profit After Tax (PAT) to N2.64 billion in 2024.
This was contained in its unaudited financial results for the fiscal year ending December 31, 2024.
The company also noted that its revenue grew by 52 percent YoY to N36.36 billion in 2024 from N23.89 billion in 2023, as a result of increased demand for its products.
The report stated: “By the end of 2024, the company’s Profit Before Tax (PBT) grew by 57 percent, reaching N5.91 billion, while its Profit PAT surged by 69 percent, totalling N2.64 billion.
“These figures reflect CAP Plc’s ability to maintain profitability in a dynamic market.
“The 52 percent revenue growth in 2024, reaching N36.36 billion from N23.89 billion in 2023, was fueled by an increased demand for its paint and coatings products.
“This consequently resulted in higher sales volumes, which accounted for 99.8% of total revenue and an expanded customer base.
“A key highlight of the year was the more than doubling (106 percent increase) of the company’s Earnings Per Share (EPS) to N3.24, from N1.57 in 2023.
“This growth reflects CAP Plc’s increasing earnings capacity and signals the potential for enhanced shareholder dividends”.
Commenting on the results, Managing Director, CAP Plc, Mrs. Bolarin Okunowo, said: “Delivering theseremarkable results in a challenging economy reflects the strength of our strategy, the commitment of our team, and the trust of our stakeholders.
“As we look to 2025, we remain focused on expanding our retail footprint, embracing innovative solutions, and enhancing the customer experience to drive sustainable growth and reinforce our leadership position in the industry.”
