CAP Plc grows profits by 17%, pays total dividend of 235 kobo

Shareholders of Chemical and Allied Products (CAP) Plc expressed delight over the company’s impressive performance in 2014 financial year.

They showered encomiums on the board and management of organization for doling out a total dividend of N2.35 for 2014 during CAP’s 50th Annual General Meeting (AGM) held in Lagos, yesterday.

Speaking at the meeting, its chairman, Mr. Larry Ettah presented the company’s audited annual report and financial statements for the year ended December, 2014.

He said “In the face of challenging operating environment, your company recorded a commendable performance as its turnover grows by 13% to N6.99 billion and profits also rises to N2.44billion, an increase of 17% over previous year’s.”

Consequently, a final dividend of N595 million representing 85 kobo per share was approved.

This is in addition to the interim dividend of 150 kobo per share paid on November 19, 2014.

This brings the total dividend appropriated in 2014 to N2.35 kobo per share and a total dividend payout of N1.645 billion.

Chemical & Allied Products Plc is a subsidiary of UAC of Nigeria Plc .

It evolved from British multinational Imperial Chemical Industries (ICI) Plc, which started operating in Nigeria in 1957 under ICI Exports Limited.

In 1965, ICI Exports limited changed its name to ICI Nigeria limited.

However, in 1977, ICI Nigeria limited sold 60% of its shares to Nigerian public as a result of the indigenization decree, and change its name to Chemical and Allied Products Plc. in 1992, the remaining 40% shareholding was acquired by UAC of Nigeria and it currently holds about 50.09% of the equity.

Today, CAP Plc operates in coatings business and provides a wide range of quality products and services, and its brands have become household names.

The company intends to invest in cutting edge technology for paint manufacture that will make it meet the needs of its customers and remain relevant as the sector leader.

The company expanded its operations and opened 11 new Dulux colour shops in Abakaliki, Abeokuta, Abuja, Lagos, Makurdi, Minna, Nnewi and Oshogbo.