Chemical and Allied Products Plc has reported a 52 per cent revenue growth in its unaudited financial results for the fiscal year ending December 31, 2024.
The company’s revenue rose to N36.36bn from N23.89bn in 2023, driven by increased demand for its products and higher sales volumes, which accounted for 99.8 per cent of total revenue.
The company’s profit before tax rose by 57 per cent to N5.91bn, while its profit after tax surged by 69 per cent to N2.64bn.
Additionally, earnings per share more than doubled by 106 per cent to N3.24, compared to N1.57 in the previous year, signalling strong returns for shareholders.
In 2023, CAP Plc declared a total dividend of N1.26bn, translating to N1.55 per 50 kobo ordinary shares.
CAP Plc also invested N1.86bn in property, plant, and equipment, a 161 per cent increase from the previous year. This investment was aimed at expanding production capacity and introducing innovative products to meet market demand.
Commenting on the results, the Managing Director of CAP Plc, Bolarin Okunowo, said, “Delivering these remarkable 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.”
The company noted that it would continue to diversify its product portfolio and strengthen customer relationships while prioritising long-term stakeholder value and advancing its environmental, social, and governance objectives.
The PUNCH reported that Chemical and Allied Products Plc saw its finance costs balloon to N 155.35m in 2023 from N 33.55m, driven by interest on borrowings, which rose by 377.27 per cent.
