CAP Plc Full Year 2023 Net Income up 18%

Chemical and Allied Products Plc (CAP), Nigeria’s leading paints and coatings company, announced its unaudited results for the twelve months ended 31 December 2023, showing net income increased by 18% to reach N2.48 billion.

Revenue of N23.9 billion, was an increase of 24% compared to N19.2 billion in FY 2022, while operating profit reached N3.2 billion, reflecting a 4% increase from the levels recorded in FY 2022, despite escalating cost pressures throughout the year.

CAP reported Profit before tax of N3.7 billion, up 21% from N3.1 billion in FY 2022. Commenting on the results, Managing Director, Bolarin Okunowo, stated:

“Our record-breaking performance in the fourth quarter of FY 2023 stands as a testament to the strength of our team and underscores our resilience as a business. Despite facing numerous macroeconomic challenges throughout 2023, notably the rapid escalation of raw material prices due to the removal of petrol subsidies and foreign exchange challenges, our company has steadfastly maintained its commitment to delivering high-quality products and services, earning a reputation for excellence. The trust our customers place in the quality of our product portfolio has been pivotal in navigating this challenging economic environment.”

Chemical and Allied Products Plc (CAP) is a leading paints and coatings company in Nigeria with globally recognised brands such as Dulux, Sandtex, Caplux and Hempel.

CAP manufactures and sells decorative paints and industrial coatings. CAP is the sole technological licensee of Akzo Nobel Coatings International B.V. and is the Nigerian representative of Hempel Paints South Africa (Pty) Limited.

CAP pioneered the colour centre concept in Nigeria in 2005, which resulted in the evolution of the Nigerian paint industry.

Today, CAP has 106 branded retail stores (Dulux Colour Centres, Sandtex Paints Stores and Dulux Colour Shops) across 33 states and the Federal Capital Territory.

CAP is a public company listed on The Nigerian Exchange (NGX). It is a subsidiary of UAC of Nigeria PLC which holds 57.85% of the company’s shares.

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