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Market | Corporate Results

CAP Declares N531m PAT in Q1'22 Unaudited Results; (SP:N21.90K)

May 04, 2022   •   by NGX   •   Source: NGX   •   eye-icon 210 views

Wednesday, May 04, 2022 / 04: 51 PM / by NGX / Header Image Credit: CAP

Chemical & Allied Products Plc released its Q1 2022 Unaudited results for the period ended March 31st, 2022.

Key Highlights

  • Revenue grew by 119.2% from N2.12bn to N4.66bn
  • Profit before tax stood at N781m
  • Profit after tax stood at N531m
  • Share Price Currently Stands at N21.90k

Chemical and Allied Products Plc, Nigeria’s leading paints and coatings company, announced its unaudited results for the period ended 31 March 2022. Highlights 

  • Revenue 119% (83% LfL1) ahead of Q1 2021 at N4.7 billion, driven by strong volume growth. 
  • Gross profit 158% higher on the back of strong revenue growth and higher gross margins (up 583bps). 
  • Operating profit 217% higher at N753 million. 
  • Profit Before Tax of N781 million, with profit before tax margin of 17%.

Commenting on the results, Managing Director, Bolarin Okunowo, stated: 

“In the first quarter of 2022, we experienced significant growth in both revenue and profitability as our company has been able to successfully recover from the supply chain disruptions experienced in 2020 and 2021. This is our fourth consecutive quarter with strong double digit organic revenue growth, and we continue to see encouraging improvements in profitability. We note that market uncertainties remain and have been heightened due to the Russia-Ukraine conflict and the resurgence of COVID-19 cases in Asia. However, we are confident that our strategic focus on growing our network, pricing appropriately, improving our sourcing capabilities and delivering operational efficiencies will continue to yield positive results.

Visit Chemical & Allied Products Plc IR Page in Proshare MARKETS

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