CAP shareholders get N1.26bn dividend payout as revenue reaches N23.9bn

Shareholders of Chemical and Allied Products Plc have approved a final dividend of N1.55 per 50 kobo ordinary shares.

This approval was granted during CAP’s 59th Annual General Meeting, held in Lagos.

The total dividend payout for the 2023 financial year is N1.26 billion, as noted by Company Secretary/General Counsel, Aramide Nwokediuko, in a regulatory filing to the Nigerian Exchange Group on Monday.

CAP Executives at the 59th Annual General Meeting in Lagos.

Nwokediuko highlighted CAP Plc’s significant financial performance for the 2023 fiscal year, showcasing growth and resilience in a challenging economic environment.

“A dividend of N1.55 for every ordinary share of 50 kobo will be paid to all shareholders whose names appear in the Company’s Register of Members as of May 31, 2024, subject to deduction of appropriate withholding tax,” Nwokediuko stated.

Shareholders also approved the re-election of Mr. Folasope Aiyesimoju and Dr. Vitus Ezinwa as Directors retiring by rotation and the appointment of Mr. Debola Badejo as Director.

The company reported a 24 per cent increase in revenue, rising to N23.9 billion from N19.2 billion in 2022.

Its gross profit increased by 18 per cent to N9 billion, and profit before tax grew by 10 per cent to N3.8 billion.

Net profit for the year increased by 6 per cent to N2.5 billion, with earnings per share reaching 309 kobo.

Additionally, the Board of CAP will meet in Lagos on Monday, July 22, 2024, to consider, among other things, the company’s unaudited financial statements for the quarter ended June 30, 2024 (Unaudited Q2 2024 Accounts).

“In accordance with the relevant provisions of the Rule Book of the Nigerian Exchange Limited (NGX), the Closed Period for trading in the shares of the Company commenced on July 1, 2024, in respect of the Unaudited Q2 2024 Accounts.”

At the close of trading on Monday, 25.915 million ordinary shares of CAP Plc, worth N849,469.50, were exchanged in 36 deals.

According to NGX data, the firm is currently trading at N36.00 as of 11:30 am on Tuesday.