Chemical and Allied Products Plc, one of the leading paints and coatings companies in Nigeria, grew revenue by 47% in the third quarter ended September 2024 to N8 billion.
The company disclosed in its unaudited financial statement obtained by Investors King.
Gross profit jumped 58% to N3.5 billion while gross margin did 43% in the period under review. Operating profit rose by a whopping 185% to N1.2 billion. Check other financial details below.
Key Financial Details for Q3 2024
• N8.0 billion revenue, 47% higher than Q3 2023.
• Gross profit 58% higher at N3.5 billion. Gross margin of 43%, 3 percentage points higher.
• Operating profit 185% higher at N1.2 billion. Operating margin of 15%, 7 percentage points higher.
• Profit before tax of N1.3 billion, 204% higher than N414 million recorded in Q3 2023.
Key Financial Details for 9M 2024
• N23.7 billion revenue, 55% higher than 9M 2023.
• Gross profit 55% higher at N9.0 billion.
• Operating profit 71% higher at N2.8 billion. Operating margin of 12%, 1 percentage point higher.
• Profit before tax of N3.9 billion, up 69% from N2.3 billion in 9M 2023.
Commenting on the results, Managing Director, Bolarin Okunowo, stated: “We are pleased to report a strong set of results for Q3 2024, demonstrating the resilience of our business model and our ability to navigate a challenging operating environment. We recorded growth in revenue, operating profit, and profit before tax of 47%, 185%, and 204% respectively.
“This was achieved by executing our strategic growth objectives and prioritizing operational efficiency. Looking ahead to the last quarter of the year, we remain focused on delivering profitable growth and enhancing our customer experience.”