CAP rewards shareholders with N1.575bn dividend pay-out

Chemical and Allied Products plc (CAP plc), a subsidiary of UAC of Nigeria plc has rewarded its shareholders with dividend pay-out of N1.575billion.

At the company’s 49th annual general meeting held yesterday in Lagos, the board of directors got shareholders approval to pay final dividend of N700m representing 100 kobo for every 50 kobo ordinary share. This is in addition to the interim dividend of 125 kobo per share paid on November 19, 2013 – bringing the total dividend pay-out for 2013 financial year to N1.575bn, representing 225 kobo per share.

Among other ordinary businesses at the meeting, shareholders received report of the directors, the financial statement of the company for the year ended December 31, 2013 together with the report of auditors and the audit committee.

In the financial year under review, the company recorded a turnover of N6.2bn against N5.2bn in 2012, a growth of 18% over the previous year and a Profit Before Tax of N2.1bn against N1.6bn which represents an increase of 26% over the previous year (2012). The company’s earnings per share (adjusted) rose by 27 percent from 159kobo in 2012 to 202kobo in 2013.

Larry Ettah, chairman, CAP plc, told the shareholders at the meeting that, “Despite the challenging operating environment in 2013, your company ended the year with an impressive performance.”

While reviewing the operations of the Company during the period under review, Ettah said: “We expanded our spread during the year with the opening of eight new Dulux colour shops in Umuahia, Dopemu, Akure, Jigawa, Abuja, Katsina, Aba and Ughelli.

“We successfully executed the Dulux Mobile Room Makeover, an innovative marketing campaign in the Nigerian clime, to the delight of our teeming consumers. We commenced ink jet coding of our product packages, making adulteration of the product more difficult. We will ensure that our products continue to meet global quality standards; hence retained the NIS ISO 9001: 2008 certification of the Standards Organisation of Nigeria (SON).”

He noted that CAP plc consistent drive to conduct its operations in a ‘healthy and safe manner, complying with all relevant laws and regulations and ensuring minimal impact on the environment, was rewarded in the year with the award for the first time, of ISO 14001:2004 Environmental Management System (EMS) certification.’