Chemical and Allied Products (CAP) Plc has released its unaudited financial results for the fiscal year ending December 31, 2024. The company said its financial performance for the year underscored its resilience and operational efficiency despite the tough business environment.

It grew its revenue by 52 per cent to N36.36 billion from N23.89 billion in 2023, saying the growth was fuelled by increased demand for its paint and coatings products.

This consequently resulted in higher sales volumes, which accounted for 99.8 per cent of total revenue and an expanded customer base. Reflecting its commitment to long-term growth, the company invested N1.86 billion in property, plant and equipment to significantly enhance production capacity and enable the introduction of innovative new products to meet market demand.

Its profit before tax (PBT) grew by 57 per cent, reaching N5.91 billion, while the profit after tax (PAT) surged by 69 per cent to N2.64 billion. The figures reflect the company’s ability to maintain profitability in a dynamic market.

The company’s earnings per share (EPS) doubled to N3.24, from N1.57 posted in 2023. The growth, it said, reflected its increasing earnings capacity and signals the potential for enhanced shareholder dividends.