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    SEC alerts Nigerians of illegal operator Silverkuun Investment Cooperative Society/Silverkuun Limited

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    Wike describes Seyi Makinde as chief architect of PDP problems

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Breaking: President Tinubu dissolves Boards of Parastatals, Agencies, Institutions

    President Bola Tinubu Approves New Heads of Federal Agencies & Commissions

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    UH Real Estate Investment Trust to distribute N5.05 per unit to unit holders

    Canceling Keystone XL pipeline cost thousands of jobs, billions of dollars – Biden Administration

    Breaking: President Joe Biden diagnosed with “aggressive” cancer

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    Mexican Navy Ship crashes into New York Bridge

    Pope Leo XIV holds inaugural mass, sets tone for his papacy

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    • Nigeria
    • Africa
    • World
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    • All
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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

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    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    Weekly Market Report: NGX market capitalization settles at N70.46 trillion

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    NNPC Ltd Announces Maintenance Shutdown of Port Harcourt Refinery

    Security features of the new naira notes revealed by the CBN

    The Frontier Fund unit holders to get N17 per unit distribution

    Banks begin to charge taxes on bonds, T-bills as exemption expires

    Skyway Aviation Handling Company Plc announces N0.6 final dividend for 2024 FY

    Dangote Refinery reduces petrol price by N15 nationwide

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    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

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    NGX Daily Equities Market Report: Market gains for third consecutive days

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    BITCOIN hits $103,000 for the first time

    Bitcoin (BTC) rises above US$90,000 records a new all time high

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    Bitcoin crosses US$60K, approaches All-Time High

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    NGX RegCo suspends Trading of Oando Plc shares

    NGX RegCo approves Livingtrust Mortgage Bank’s free float compliance plan

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CAP Plc posts 78% YoY growth in Profit After Tax in H1 2022

Tuesday, 26 July 2022, 11:28 pm
in Business, Companies, Markets, Stocks/Equities
0
Board of Directors of CAP Plc recommends N2.10 dividend per ordinary share
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Chemical and Allied Products Plc (NGX: CAP), Nigeria’s leading paints and coatings company, has posted an impressive financial results for the six months ended 30 June, 2022.

The company recorded a 53% growth in revenue, and an impressive 78% increase in Profit After Tax for the period.

Read also; CBN asks court to freeze 157 accounts of companies over alleged diversion funds

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.”

KEY PERFORMANCE HIGHLIGHTS
Income Statement

  • Revenue: N8.74 billion in H1 2022, compared to N5.72 billion in H1 2021 (53% growth year-on-year). N8.70 billion (H1 2021: N5.70 billion) of the revenue came from the sale of paint products while N37.35 million (H1 2021: N24.14 million) was revenue from services.
  • Gross Profit: N3.51 billion in H1 2022, compared to N1.73 billion in H1 2021 (102% growth year-on-year).
  • Operating expenses: N2.32 billion in H1 2022, compared to N1.36 billion in H1 2021 (70% increase year-on-year)
  • Profit Before Tax: N1.32 billion in H1 2022, compared to N0.69 billion in H1 2021 (40% growth year-on-year)
  • Profit After Tax: N0.90 billion in H1 2022, compared to N0.50 billion in H1 2021 (41% growth year-on-year)
  • Basic and diluted EPS (kobo): N1.11 (H1 2021: N0.73)

Statement of Financial Position:

  • Total Assets: N11.82 billion, compared to N12.11 billion as at December 2021 (17% year-to-date growth). The company’s inventory is the highest component of the company’s asset with a value of N5.85 billion. Cash and cash equivalents accounted for N3.08 billion.
  • Total Liabilities: N6.97 billion, compared to N7.70 billion as at December 2021 (9% year-to-date decline). Trade and other payables accounted for N4.32 billion, while Dividends payable accounted for N1.32 billion.
  • Shareholders Fund: N4.84 billion, a 13% year-to-date increase relative to December 2021’s value of N4.41 billion. The retained earnings accounted for N2.94 billion out of the N4.41 billon Shareholder’s fund.

Cash flow statement

  • N1.07 billion was generated from operating activities, compared to N1.27 billion to was used for the same activity in the preceding year.
  • N288.99 million was used for investing activities, compared with N395.37 million used for the same activity in H1 2021.
  • N276.26 million was used in financing activities in H1 2022, against N1.50 billion used in H1 2021.
  • Cash and cash equivalents at the end of the period stood at N3.08 billion.
Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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