By Adedapo Adesanya
It was good news for Chemical and Allied Products (CAP) Plc following the improvements its recorded in its recently released unaudited financial statements for the nine months ended September 30, 2019. The company posted growths in its revenue and profit for the period in the financial books released to the Nigerian Stock Exchange (NSE).
According to an examination of the results by Business Post, the industrial company saw its revenue move up by 7 percent to N5.78 billion from N5.39 billion realized between January and September 2018.
In addition, CAP Plc had a profit after tax of N1.228 billion against the comparative period last year of N1.226 billion, indicating that there was a profit margin of N2.5 million, while the profit before tax posted by the company slightly increased to N1.806 billion from N1.803 billion.
Between January and September of this year, the company’s cost of sales rose to N3.03 billion from N2.8 billion in the same period last year as a result of increases in staff costs, royalty fees, change in inventories, amongst others.
However, there was a decline in the operating profit in the first nine months of this year, closing at N1.48 billion as at September 30, 2019 compared with N1.59 billion made in the same period last year.
Both selling/distribution and administrative expenses rose in tandem as the end of September 2019 to N366.4 million and N960 million respectively compared to N218.7 million and N810 million realized same time last year.
The company’s administrative expenses rose as staff costs, depreciation of properties, and commercial service fees all went higher despite director’s emoluments dropping. CAP also paid a higher tax of N541.8 million compared with N540.7 million.
The finance income increased to N327.01 million from N218.91 million, while the finance cost dropped to N0.43 million from N3.27 million, with the net finance income growing to N326.58 million from N215.64 million.
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