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CAP Plc reports 26.0% decline in profit for FY 2020 despite revenue growth

Friday, 29 January 2021, 7:25 am
in Business, Companies
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CAP Plc reports 26.0% decline in profit for FY 2020 despite revenue growth
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Chemical and Allied Products Plc (NSE – CAP) has released its unaudited financial statements for the period ended 31 December 2020. The company reported an increase in revenue for the full year 2020 compared to 2019, however profit for the year declined by 26.0%.

Financial Review: Q4 2020

Revenue increased 4.4% to N2.8billion in Q4 2020, supported by strong volume growth (30.4%) across key product lines.

Gross profit of N1.1billion was achieved in Q4 2020 from N1.2billion in Q4 2019, reflecting a 13.2% decline. The decline in gross profit was due to higher input costs on account of supply  chain disruptions resulting in a scarcity premium on raw materials which were in short supply.

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EBIT was N475million compared to N640millionin Q4 2019 on account  of  higher  cost  of  sales.

Operating expenses increased 0.3% YoY while operating expenses/ sales improved 90bps.

Profit Before Tax of N532million was  achieved  in Q4  2020,  a  28.1%  decline  from N739million on account of the combined effects of the decline in operating profit mentioned above and a 42.6% reduction in net finance income given lower treasury yields compared to prior year.

Profit  after tax in Q4 2020 declined by 28.1% to N362 million from NN503 in Q4 2019.

Financial Review: FY 2020

Revenue increased 3.9% from N8.4billion  in FY 2019  to N8.7billion  in FY 2020,  driven  by  strong volume growth despite the disruptions in April, May and October.

Gross profit declined 5.5% toN3.8billion, with gross margin of 43.0%.  Gross profit decline due to input cost pressures on account of currency devaluation and supply chain disruptions.

EBIT of N1.6billion, reflecting a decline of 22.4%, with EBIT margin reducing 638 basis points from 25.2% to 18.9%. Key drivers of the reduction in EBIT are the decline in gross profit and investments in talent to strengthen the work force and drive profitable growth.

The decline  in  EBIT,  coupled  with  a  41.1%  decline  in  net  finance  income  on  account  of  lower investment income yields resulted in a Profit Before Tax decline of 25.5% to N1.9billion in FY 2020. Profit Before Tax Margin declined 860 basis points to 21.7%.

Total profit for the year was N1.3billion, a 26.0% decline from N1.7billion reported  in FY  2019.

Earnings per share for the period of182kobo, down 26.1% from 249kobo in FY2019.

Free Cash Flow of N1.0billion in FY2020, compared toN1.5 billion in FY2019. Free cash flow impacted by lower operating cash flows  which  was  offset  by  a  reduction  in net capital expenditure (-58.4%  decline  to N113million in  FY  2020). The company continues to maintain a strong cash position (N5.8billion) which will be deployed towards growth initiatives.

The equity price has been flat at N20.50 since January 20, 2021. YTD it is up by 2.5% while in 2 years and 5 years it down by 35.43% and 44.89% respectively.

About CAP Plc

Chemical and Allied Products Plc (CAP) is a leading paints and coatings company in Nigeria with globally recognised brands such as Dulux and Caplux. CAP manufactures and sells premium and standard paints and coatings  and  is  the  sole  technological  licensee of  Akzo  Nobel  Coatings International B.V. in Nigeria.

CAP pioneered the colour centre concept in Nigeria in 2005, which resulted in the evolution  of  the  Nigerian  paint  industry.  Today, CAP has 76 colour centres  and colour shops across 31 states.  CAP is a public company listed on The Nigerian Stock Exchange. It is  a  subsidiary  of  UAC  of  Nigeria  PLC  which  holds  51.49%  of  the  company’s  shares.

The company announced the proposed merger between CAP and Portland Paints and Products Nigeria Plc in the fourth quarter of 2020.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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