CAP Plc. declares 31% profit growth in H1 2018

Chemical and Allied Product Plc. (CAP Plc.) has published its HY 2018 result, showing profit and revenue growth of 31 percent and 11 percent respectively when compared with figures of HY 2017.

CAP Plc., manufacturers of Dulux Paint, reported a profit of N917 million in June 2018 as against N696 million in June 2017. Profit before tax (PBT) increased by 19.2 percent to N1.3 billion from N1 billion recorded in 2017.

The company grew its revenue to N3.8 billion in the period under review from N3.4 billion in the corresponding period in 2017.

The paint manufacturers’ profit benefitted mainly from a better cost management as compared to 2017 as finance cost and administrative expenses dropped by 73 percent and 2.5 percent respectively.

A look at the company’s balance sheet shows total assets year-to-date (YTD) declined 3 percent from N5 billion at the beginning of 2018 to N4.8 billion in the period under review.

Despite 51 percent reduction in borrowings, the company’s, total liability YTD increased 12 percent to N3.1 billion

Additionally, the company’s earnings per share stood at N1.31 in the review period as against N1 attributed to equity holders in the previous year