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Business, Economy

CAP Plc will use its entire profit after tax to pay dividends

Chemical and Allied Products (CAP) Plc, a subsidiary of UAC of Nigeria Plc, has declared a dividend of 290 kobo per share for the financial year ended December 2018. This implies that the entire CAP Plc’s Profit After Tax of N2.03 billion will be spent on the dividend payout.

The declaration came in the course of the company’s 54th Annual General Meeting, which held recently in Lagos. Shareholders of the firm unanimously endorsed the dividend payout.

L-R: Group Managing Director, CAP Plc., Omolara Elemide; President, Dulux Decorators Club, Lagos State Chapter, Sam Unwene, Member of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Allen Oseghale and Marketing Manager, CAP Plc., Dominic Oladeji.

The Company’s Financial Performance: According to the Acting Chairman of CAP Plc, Mr Solomon Aigbavboa, the company posted a turnover of N7.76 billion, representing a growth of 9% over N7.11 billion recorded the year before.

Similarly, operating profit increased by 15% to N2.08 billion over the corresponding period in 2017. The total assets of CAP Plc also grew significantly by 26% to N6.31 billion from N5.01 billion in the corresponding period in 2017.

He affirmed that CAP Plc managed to achieve a positive performance despite the fact that 2018 was pretty challenging for business.

Company to Explore New Opportunities: The board of directors expressed optimism that an improved economy would yield increased returns in 2019, assuring shareholders that CAP Plc would leverage emerging opportunities to improve performance in the current year.

According to the Acting Chairman, the economy would gain traction this year by reason of stronger household consumption and public spending, which is expected to impact the company’s business positively.

“Your company is closely following developments at all levels and is prepared to key into opportunities that will be created. We are equally poised to take advantage of other structured reforms of the Federal Government, which might impact the housing and real estate sector.” -Aigbavboa

READ MORE:  Budget 2019: Sitharaman's Sops to Push Affordable Housing, Housing Sales
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