Firm’s shareholders approve N1.435 billion dividend
Chemical and Allied Products (CAP) Plc has assured shareholders that the company was well positioned to respond appropriately to the emerging market trends and other economic scenarios.
According to the company, the major focus for the current financial year is to grow its market share, increasing product and service offering, expanding trade channels, implement aggressive marketing strategies and improve human capital development.
Besides, the shareholders of the company endorse the firm’s N1.435 billion dividends, which translate to N2.05 dividend per share for the 2017 financial year. Addressing shareholders during the 53rd yearly general meeting of the company held in Lagos recently, the Chairman of the company, Larry Ettah said the firm was poised to take advantage of other structural reforms of the federal government in the housing and real sector to grow the business.
“The outlook for the Nigerian real estate market in 2018 will be largely dependent on the overall performance of the economy. 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 structural reforms of federal government, which might the housing and real estate sector. The business will respond appropriately to the emerging paint market trends and different economic scenario,” he said.
Ettah said that despite the difficult operating environment in 2017, the company ended the year with a respectable performance, saying that the business recorded a sales turnover of N7.11 billion, representing a growth of four per cent over the previous year, while the operating profit was N1.98 billion, a decline of seven per cent over 2016.
Ettah stated that the successful commissioning of the company automated in-plant tinting factory was an achievement in 2017, saying that the factory will ensure emulsion paints are promptly and readily available to customers.
The chairman further said that the company retained its ISO 9001:2008 and achieved re-certification of ISO 14001:2004 on Quality and Environment Management systems, respectively. “We will continue to offer high-quality products and services to customers, while complying with regulatory requirements and conduct our operations on a healthy and safe manner, ensuring minimal impact on the environment,” he added.