Increased Demand For Paints Pushes CAP Revenue To N36.3bn In 2024

Chemical and Allied Products (CAP) Plc, in its unaudited financial results for the fiscal year, December 31, 2024, recorded 52 per ent revenue growth in 2024, reaching N36.36 billion from N23.89 billion in 2023.
The growth was fueled by an increased demand for its paint and coatings products as 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, significantly enhancing production capacity and enabling the introduction of innovative new products to meet market demand.
By the end of 2024, the company’s Profit Before Tax (PBT) grew by 57 per cent, reaching N5.91 billion, while its Profit After Tax (PAT) surged by 69 per cent, totalling N2.64 billion. These figures reflect CAP Plc’s ability to maintain profitability in a dynamic market.
A key highlight of the year was the more than doubling (106% increase) of the company’s Earnings Per Share (EPS) to N3.24, from N1.57 in 2023 as this growth reflects CAP Plc’s increasing earnings capacity and signals the potential for enhanced shareholder dividends.
In 2023, CAP declared a total dividend of N1.26 billion (N1.55 per 50 kobo ordinary shares), and this year’s financial results position the company to continue delivering competitive returns to shareholders.
The company’s investments in property, plant, and equipment grew by 161 per cent to N1.86 billion, aimed at expanding production capacity and introducing innovative products. These strategic investments are aligned with CAP’s long-term goal of driving sustainable growth while enhancing operational efficiency.
Commenting on the results, managing director of CAP Plc, Mrs Bolarin Okunowo said, “Delivering these remarkable results in a challenging economy reflects the strength of our strategy, the commitment of our team, and the trust of our stakeholders. As we look to 2025, we remain focused on expanding our retail footprint, embracing innovative solutions, and enhancing the customer experience to drive sustainable growth and reinforce our leadership position in the industry.”