Paints and coatings firm, Chemical and Allied Merchandise Plc, has reported N23.9bn in income for the monetary 12 months ended December 31, 2023.
CAP in its audited monetary outcome subimmted to the Nigerian Alternate Restricted on Thursday, stated its income rose 24 per cent in comparison with N14.2bn within the corresponding interval of 2022.
The agency additionally proposed a full 12 months dividend of N1.26bn, which represents 155 kobo per abnormal share of fifty kobo every, for fee to shareholders.
Based on a regulated info signed by Investor Relations, CAP, Jimi Sorinola, the agency grew gross revenue by 18 per cent to N9.0bn.
Its working revenue additionally elevated by 5 per cent forward of FY 2022 to N3.3 bn, whereas revenue earlier than tax of N3.8bn, up 10 per cent from N3.4bn in FY 2022.
Whole revenue of the 12 months stood at N2.5bn with a six per cent enhance in comparison with N2.4bn posted final 12 months.
The Managing Director, Chemical and Allied Merchandise Plc, Bolarin Okunowo, whereas commenting on the outcomes acknowledged that the expansion recorded by the agency within the monetary 12 months beneath evaluate was a testomony to the administration resilience and dedication to spice up productiveness.
He stated, “Our efficiency in FY 2023 is a testomony to our resilience as a enterprise. Regardless of dealing with quite a few coverage and macroeconomic challenges all year long— notably the money crunch from the naira re-design, the elimination of petrol subsidies resulting in a speedy escalation within the costs of uncooked supplies, basic items and companies, and international alternate challenges—we steadfastly maintained our repute for excellence by offering high-quality services that delight our clients.
Shifting ahead, Okunowo added, “We’ll consolidate efforts to make sure that our firm stays resilient towards macroeconomic headwinds, whereas additionally persevering with to earn and exceed our clients’ expectations.
“The Firm is happy to announce that its Board of Administrators has proposed a full 12 months dividend of N1.26 billion, which represents 155 kobo per abnormal share of fifty kobo every, for fee to shareholders.
“This can be topic to the suitable withholding tax and the approval of the shareholders on the forthcoming Annual Normal Assembly.”
