CAP’s shareholders approve N2.05 per share as dividend

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The Chemical and Allied Products (CAP) Plc’ shareholders unanimously approved the payment of a dividend per share of N2.05 to shareholders as return for the 2017 business year.

 

At the annual general meeting at Golden Tulip, Festac, Lagos, Shareholders of the company, yesterday approved distribution of N1.435 billion as cash dividend for the 2017 business year.

 

While addressing the shareholders, Chairman, CAP Plc, Larry Ettah, said the company has continued to show resilience in spite of the challenges in the economy.

 

According to him, the company ended the year with a respectable performance with a four per cent growth in turnover to N7.11 billion. However, operating profit declined by seven per cent to N1.98 billion.

 

CAP Boss noted the link between the overall economy and the performance of the real estate sector, expressing optimism that the recovery recorded in the Nigerian economy in 2017 is expected to be sustained in 2018 and will lead to better performance for the company.

He said the company is closely following developments at all levels and is ready to take advantage of emerging opportunities from the various reforms.

 

Ettah added that the company will respond to the emerging trends in the paints market and different economic scenarios by growing its market share, increasing product and services offerings, expanding trade channels, implementing impactful and aggressive marketing initiatives and continuing to build people capacities.

 

“We are equally poised to take advantage of other structural reforms of the Federal Government, which might impact the housing and real estate sector,” he said.

 

The Chairman pointed out that the successful commissioning of the company’s automated in-plant tinting factory was a major achievement in 2017 as the factory will ensure emulsion paints are promptly and readily available to customers.

He noted that the company retained its high certifications on quality and environment management systems, assuring that the company will continue to offer high quality products and services to customers while complying with regulatory requirements by conducting its operations in a healthy and safe manner, with minimal impact on the environment.

 

The Photo Caption:  CAP Plc, Chairman,, Larry Ettah


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