Modupe Gbadeyanka
By Modupe Gbadeyanka
More companies quoted on the Nigerian Stock Exchange (NSE) have continued to post their 2016 full year financial results and Chemical and Allied Products (CAP) Plc is among them.
On Wednesday, the firm released its audited results to the NSE and the document obtained by Business Post, CAP Plc declared a decline in its profit before tax (PBT) by 10.6 percent.
The company said it recorded a pre-tax profit of N2.3 billion in 2016 compared with N2.6 billion it posted 12 months earlier.
During the period, CAP Plc paid the sum of N693.5 million as tax in contrast to N830.5 million paid for the same purpose in 2015.
This now left the firm with a profit after tax (PAT) of N1.6 billion in the period under review versus N1.74 billion in the year before.
The total turnover for the year 2016, according to the company’s financial statements, stood at N6.8 billion compared with N7.1 billion recorded a year earlier.
Meanwhile, the CAP Plc said it would hold its 52nd Annual General Meeting (AGM) on Tuesday, June 13, 2017, at the Arthur Mbanefo Hall, Golden Tulip Festac, Lagos State at 11am.
CAP Plc, a subsidiary of UAC of Nigeria Plc, is the technological licensee of AkzoNobel, the world’s largest paint producer.
CAP Plc evolved from the world-renowned British multinational Imperial Chemical Industries Plc (ICI), which formalized its Nigerian operations in 1957 under ICI Exports Limited. In 1965, ICI Exports Limited changed its name to ICI Nigeria Limited and in 1968 it was subsumed by ICI Paints Limited. ICI was acquired in 2008 by AkzoNobel.
Presently, CAP Plc fully operates in the coatings business and provides a wide range of quality products and services, and its brands have become household names.
Mr Larry Ephraim Ettah is the Chairman of the firm, while Mrs Omolara Iswat Elemide is its Managing Director/CEO.
