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+--- Thread: CAP optimistic as shareholders get N2.03b (/showthread.php?tid=18793)
CAP optimistic as shareholders get N2.03b - Edoman - 06-25-2019
CAP optimistic as shareholders get N2.03b
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Chemical and Allied Products (CAP) Plc is optimistic that improved economy will lead to increased returns in the current business year. The board of directors yesterday assured shareholders that the company will take advantage of emerging opportunities to improve performance in 2019.
The assurance came as shareholders yesterday at the annual general meeting in Lagos approved the payment of N2.03 billion as cash dividends for the 2018 business year. Shareholders will receive a dividend per share of N2.90 kobo for the 2018 business year.
Acting Chairman, Chemical and Allied Products (CAP) Plc, Mr. Solomon Aigbavboa said the Nigerian economy was expected to gain traction this year, on the back of stronger household consumption and public spending.
“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 structured reforms of the Federal Government, which might impact the housing and real estate sector,” Aigbavboa said.
He said the company will respond appropriately to emerging paint market trends and different economy scenarios through many initiatives including opening new Dulux colour centres, business development, increasing volumes and consistent engagement with professionals and specifiers.
He added that the company will also complete upgrade of more Dulux colour centres, introduce new products and value added services, launch virtual Dulux colour centre, entrench presence in the standard market, build people capabilities while implementing impactful marketing initiatives to ensure effective customer engagement.
Aigbavboa noted that despite the challenging operating environment in 2018, the company ended the year with an impressive performance.
He pointed out that the company recorded a turnover of N7.76 billion, representing a growth of nine per cent over the previous year while the operating profit was N2.28 billion, a growth of 15 per cent over 2017.
Shareholders commended the company for its consistent dividend payment noting that the company has been consistent in delivering good results.
One of the shareholders, Ajayi Oluwafemi lauded the company for good showing in 2018 and for doing the needful to the shareholders.
He commended the company for improving the gross earnings and the bottom line.
Mr. Odunlami Afolabi, another shareholder, expressed confidence that the firm remains in good stead to deliver good returns to shareholders in the future and congratulated the board and management for remaining strong and growing deposits even in the midst of economic challenges.