Chemical and Allied Products Plc (CAP Plc) has declared its entire profit after tax (PAT) for the year 2018 in the sum N2.03 billion as dividend for its shareholders.
The management of the company, led by its directors, proposed a dividend of 290 kobo per share amounting to N2.03 billion and same was unanimously approved by the shareholders at the 54th Annual General Meeting (AGM) of the company held in Lagos.
According to the board chairman of the company, Solomon Aigbavboa, CAP Plc ended year 2018 with an impressive performance despite the challenging operating environment in the year.
He said: “The business recorded a turnover of N7.76 billion representing a growth of 9% over the previous year. The operating profit was N2.08 billion, a growth of 15% over 2017. The dividend has been recommended by the board on the back of this performance.”
While assuring stakeholders of the company’s commitment to consolidate on this performance in 2019, Aigbavboa said in his chairman’s statement that the economy, generally, “is expected to gain traction this year, on the back of stronger household consumption and public spending.
Meanwhile, as CAP Plc, the manufacturer of Dulux Paints, grew it’s PAT 15% from N1.5 billion in 2017 to N2.03 billion in 2018, so also was the valuation of its total assets which appreciated by 26% to hit N6.31 billion in 2018 from N5.01 billion the previous year.