Chemical and Allied Products Plc (“CAP” or the “Company”), Nigeria’s leading paints and coatings company, today announced its unaudited results for the fourth quarter and twelve months ended 31 December 2023.
Q4 2023 Highlights
• Revenue of N8.6 billion, marking a 40% increase compared to Q4 2022.
• Gross profit grew by 36%, on the back of robust revenue growth.
FY 2023 Highlights
• Revenue at N23.9 billion, an increase of 24% compared to N19.2 billion in FY 2022.
• Gross profit increased by 19% to reach N9.0 billion.
• Operating profit reached N3.2 billion, reflecting a 4% increase from the levels recorded in FY 2022, despite escalating cost pressures throughout the year.
• Profit before tax of N3.7 billion, up 21% from N3.1 billion in FY 2022.
Commenting on the results, Managing Director, Bolarin Okunowo, stated: “Our record-breaking performance in the fourth quarter of FY 2023 stands as a testament to the strength of our team and underscores our resilience as a business. Despite facing numerous macroeconomic challenges throughout 2023, notably the rapid escalation of raw material prices due to the removal of petrol subsidies and foreign exchange challenges, our company has steadfastly maintained its commitment to delivering high-quality products and services, earning a reputation for excellence. The trust our customers place in the quality of our product portfolio has been pivotal in navigating this challenging economic environment.”