ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
Home Business

CAP posts N8.7bn revenue in 2020

1st February 2021
in Business
0
CAP posts N8.7bn revenue in 2020
0
SHARES
144
VIEWS
Share on FacebookShare on Twitter

Chemical and Allied Products Plc (CAP) has announced that its revenue grew to N8.7 billion in 2020 from N8.4 billion in 2019, representing a 3.9 per cent increase.
According to the company, the rise in revenue was driven by strong volume growth despite the disruptions in April, May and October. The company’s unaudited financial statements for the year ended December 31, 2020 revealed a 5.5 per cent decline to N3.8 billion in its gross profit due to input cost pressures on account of currency devaluation and supply chain disruptions.
Further data obtained from the Nigerian Stock Exchange (NSE) website showed that the company’s Earnings before Interest and Taxes (EBIT) declined by 22.4 per cent to N1.6 billion and 41.1 per cent decline in its net finance income on account of lower investment income yields resulted in a 26 per cent decline in its profit before tax (PBT) which settled at N1.9 billion in full year (FY) of 2020.
The company’s total profit sunk by 26 per cent from N1.7 billion in 2019 to N1.3 billion in 2020 while earnings per share for the period was down by 26.1 per cent to 182 kobo from 249 kobo in the corresponding period of 2019.
Commenting on the performance, the Managing Director, CAP Plc, David Wright, stated that the company recorded modest top-line growth last year despite the COVID-19 lockdown in the second quarter of 2020 and protests in the fourth quarter of 2020, effectively losing 7 weeks of sales.
“We are encouraged by the growth in revenue which has been solely driven by underlying volume growth in line with our strategy. Alongside the rest of the world, we experienced supply chain disruptions which impacted our raw material sourcing and resulted in input costs pressures. We have embarked on initiatives focused on mitigating these disruptions and expect to see positive results in 2021.
We announced the proposed merger between CAP and Portland Paints and Products Nigeria Plc in the fourth quarter of 2020. We have received preliminary regulatory approvals and an order from the Federal High Court to hold a Court-Ordered Meeting. Merger completion is subject to shareholder approval and final regulatory approvals and we expect to conclude the merger in the first quarter of 2021,” he said.

Cyril

Cyril

Related Posts

Seplat to drill two gas wells as cash reserves rise to $343m
Business

Seplat targets sale of gas by H1 2022

3rd March 2021
Herbalist in court over alleged N1.2m fraud
Business

Crude diversion: Court fixes March 9 for ruling on Shell’s blocked accounts

3rd March 2021
Court to hear contempt proceedings against Emefiele on June 13
Business

Emefiele tasks Nigerians on farming for food security

3rd March 2021
Next Post
Student wins car in Access Bank Transact and Win promo

Student wins car in Access Bank Transact and Win promo

Six-year-old Victor battles leukaemia

Six-year-old Victor battles leukaemia

Kudos, knocks, as Anambra community dethrones Igwe, crowns new ruler

Kudos, knocks, as Anambra community dethrones Igwe, crowns new ruler

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

Why leadership is the problem

Gov Ugwuanyi, others set for S/East Sports Foundation competition

Africa U-18 & U-19 Volleyball Nimrod laments COVID-19 impacts on tourney

Seplat targets sale of gas by H1 2022

Crude diversion: Court fixes March 9 for ruling on Shell’s blocked accounts

Emefiele tasks Nigerians on farming for food security

Trending

Election tribunal: We’ll not argue with PDP – INEC
Editorial

Before the creation of additional polling units

3rd March 2021
0

The chairman of the Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu, has stated the commission’s intention...

President of Igbo extraction  possible in 2023 –Professor Greg Ibe

President of Igbo extraction possible in 2023 –Professor Greg Ibe

3rd March 2021
Tokyo Olympics: Non-contact sports to resume training in PH – Minister

No substitute for grassroots development –Minister

3rd March 2021
Why leadership is the problem

Why leadership is the problem

3rd March 2021
Umulokpa/Onubuogbo road: Monarch lauds Ugwuanyi rural developmental strides

Gov Ugwuanyi, others set for S/East Sports Foundation competition

3rd March 2021

Follow us on social media:

Categories

  • Abuja Metro
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist