CAP declares N2.03bn dividend to shareholders

Image result for Chemical and Allied Products PlcChemical and Allied Products Plc has declared a dividend of N2.90 per 50 kobo ordinary share to its shareholders for the 2018 financial year.

The shareholders, at the company’s 54th Annual General Meeting in Lagos, endorsed the total dividend of N2.03bn for payment and commended the company for the efforts that had been put in place to drive increased return on investment.

They said the company had been consistent in delivering results over the years.

The acting Chairman, CAP Plc, Mr Solomon Aigbavboa, said despite the challenging operating environment in 2018, the company ended the year with an impressive performance.

Aigbavboa, while assuring shareholders of steady growth in profitability and expansion, noted that the business recorded a sales turnover of N7.76bn, representing a growth of nine per cent over the previous year, while the operating profit grew by 15 per cent to N2.28bn.

He said, “The economy is expected to gain traction this year on the back of stronger household consumption and public spending. The recent slide in oil prices and OPEC’s oil output cut pose downside risks going forward.

“Economic analysts see Gross Domestic Product increasing by 2.4 per cent in 2019 and 2.9 per cent in 2020, respectively. 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 may impact the housing and real estate sector”.

Aigbavboa said the business would respond appropriately to the emerging paint market trends and the different economy scenarios by opening new Dulux colour centres, developing new businesses, increasing volumes, consistently engaging with professionals and specifiers,  completing DCC upgrades, introducing new products and value-added services.

He said the group would also launch virtual DCC, entrench its presence in the standard market, build people capabilities and implement impactful marketing initiatives to ensure effective customer engagement.