Chemical and Allied Products Plc released its Q2 2022 Unaudited results for the period ended June 30th 2022.

Key Highlights

• Revenue grew by 52.7% from N5.73bn to N8.75bn.
• Profit before tax stood at N1.33bn
• Profit after tax stood at N904m
• Share Price Currently Stands at N17.00k

Chemical and Allied Products Plc (“CAP” or the “Company”), Nigeria’s leading paints and coatings company, announced its unaudited results for the period ended 30 June 2022. 

Highlights 

• Revenue 53% (27% LfL1 ) ahead of H1 2021 at N8.7 billion. 

• Gross profit 102% higher on the back of strong revenue growth and higher gross margin, up 988 bps.

• Operating profit 115% higher at N1.3 billion. 

• Profit before tax was N1.3 billion, up 91% from N697 million in H1 2021. 

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

“We are excited with the results for this half year, having delivered double digit growth in revenue and triple digit growth in operating profit. We are seeing encouraging results from recent investments in our brands and distribution infrastructure and are confident that these investments will further yield positive results as well as expand the frontiers of our business. Inflationary cost pressures remain a key concern and we are focused on delivering operational efficiencies and taking proactive pricing actions to combat the impact of rising costs.

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