Chemical & Allied Products Plc (CAP.ng) Q12022 Interim Report
Lagos, 28 March 2022 – Chemical and Allied Products Plc (“CAP” or the “Company”), Nigeria’s leading paints and coatings company, announced its unaudited results for the period ended 31 March 2022.
• 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.”