CAP’s gets approval for proposed N2.03 billion dividend

CAP’s gets approval for proposed N2.03 billion dividend

Shareholders of Chemical and Allied Products (CAP) Plc, at the weekend, endorsed the company’s N2.03 billion dividend, amounting to 290 kobo for every 50 kobo share, for the 2018 financial year, even as the company assured of steady growth in profitability and expansion.

The shareholders at the 54th yearly general meeting of the company, in Lagos, commended the management for increasing their value on investment through dividend payout, expressing appreciation on the efforts aimed at driving the organization for increased returns on investment.

Specifically, a shareholder, Ajayi Oluwafemi, who applauded the company, affirmed that the company recorded impressive performance in both topline and bottomline.

Another shareholder, Odunlami Afolabi, expressed optimism that the firm would continue in its growth trajectory and deliver good returns to shareholders in the future

Reviewing the company’s performance at the meeting, the Acting Chairman of CAP Plc, Solomon Aigbavboa, said that despite the challenging operating environment in 2018, the company ended the year with an impressive performance.

Aigbavboa explained that the business recorded a sales 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.

On the outlook, the chairman said: “The economy is expected to gain traction this year, on the back of stronger household consumption and public spending. The recent slide in oil prices and OPEC’s oil output cut pose d0ownside risks going forward. Economic analysts see GDP increasing by 2.4 per cent in 2019 and 2.9 per cent in 2020 respectively.

“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.

“The business will respond appropriately to the emerging paint market trends and different economy scenarios by opening new Dulux colour centres, business development, increasing volumes.

“The company would ensure consistent engagement with professionals and specifiers, completing DCC upgrades, introducing new products and value added services. Launching virtual DCC, entrenching presence in the standard market, building people capabilities and implementing impactful marketing initiatives to ensure effective customer engagement,” he said.culled from guardian.ng

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