CAP grows revenue by 3.9% to N8.7bn in 2020

By Nkiruka Nnorom

Chemical and Allied Product (CAP) Plc has recorded N8.7 billion revenue for the year ended December 31, 2020, representing a 3.9 percent increase over N8.4 billion posted in 2019 financial year end.

This is even as the company said it hopes to conclude its planned merger with its sister company – Portland Paint and Products Plc – before the end of the first quarter (Q1) 2021 if both regulatory and shareholders’ approval are secured to that effect.

Meanwhile, the company said in a statement that the growth in its revenue for the year was driven by strong volume growth despite “the disruptions in April, May and October 2020.”

READ ALSO:Herdsmen: Why are we reducing Nigeria to nation of cows, Dele Momodu queries

The Profit Before Tax (PBT), however, declined by 25.5 percent to N1.9 billion from N2.55 billion following a 41.1 percent decline in net finance income on account of lower investment income yields coupled with decline in EBIT. Earnings per share at 182 kobo, was down 26.1 percent from 249 kobo in 2019.

Commenting on the performance, David Wright, Managing Director, CAP Plc, said: “CAP recorded modest top-line growth last year despite the COVID-19 lockdown in the second quarter of 2020 and protests in the fourth quarter of 2020, effectively losing seven weeks of sales. “We are encouraged by the growth in revenue which has been solely driven by underlying volume growth in line with our strategy. Alongside the rest of the world, we experienced supply chain disruptions which impacted our raw material sourcing and resulted in input costs pressures.

“We have embarked on initiatives focused on mitigating these disruptions and expect to see positive results in 2021.”

The post CAP grows revenue by 3.9% to N8.7bn in 2020 appeared first on Vanguard News.

by Urowayino Jeremiah via Vanguard News https://ift.tt/3cwosWC Wikipedia Our Friends From Virginia

Comments

Hundreds of protesters storm Seplat oil facility in Delta

By Paul Olayemi Hundreds of protesters from Ikweghwu community in Sapele Local Government Area of Delta State, stormed a crude oil facility owned by Seplat Petroleum Development Company, SPDC, on Thursday morning, demanding for jobs and infrastructure development. The protesters, who stormed the facility as early as 6 am, lamented that they were not benefiting from the community’s oil wealth, and demanding an end to what they tagged, oppression and intimidation from the management of the company, ALSO READ: Protesters storm Ebonyi court over judge’s recusal from PDP case The protesters with inscriptions like ‘ we can’t be suffering in our own land’, ‘we need our Memorandum of understanding now’ ‘We need access control’ ‘8 years of slavery, we say no’ and so on, on their placards, danced at the company’s entrance with a DJ providing music non-stop preventing access to the facility. President General of the Community, Comrade David Uyelaju, said they need a clearly written Mem

COVID-19: 10m cases globally, as US, Europe account for over 50 percent

More than 10 million cases of the new coronavirus have been officially declared around the world, half of them in Europe and the United States, according to an AFP tally at 0930 GMT Sunday, June 28, based on official sources. At least 10,003,942 infections, including 498,779 deaths, have been registered globally. Europe remains the hardest hit continent with 2,637,546 cases including 195,975 fatalities, while the United States has 2,510,323 infections including 125,539 deaths. ALSO READ: COVID-19: Women’s jobs disproportionately affected, more to go — ILO Boris Johnson’s government is set to ease virus lockdown restrictions by opening pubs, restaurants and hairdressers among others across England from July, despite predictions of a second wave. The rate of infections worldwide continues to rise, with one million new cases recorded in just six days. The tallies, using data collected by AFP from national authorities and information from the World Health Organization (WHO), probab

COVID19: No request from Nigerians abroad for evacuation ― Foreign Minister

Minister, Foreign Affairs Geoffrey Onyeama The Minister of Foreign Affairs, Mr Geoffrey Onyeama, says his ministry has not received any request from Nigerians aboard for their evacuation in view of the global Novel Coronavirus (COVID19) pandemic outbreak. Onyeama made this known on Tuesday in Abuja at the Presidential Task Force briefing on update of COVID-19 in the country. “As of now, we do not have any request from any of the embassies from Nigerians wishing to be evacuated from various countries. “But certainly, if we receive notification from any of our embassies, we will react accordingly,” he said. The minister, responding to an allegation, said it was not true that a Nigerian lady and her husband were poorly treated in Lome, Togo, while on their way back from Brazil, through Addis Ababa, to the country. He said that the Government of Togo was placing anyone coming from a foreign country in isolation, saying that they were rightly placed in a four-star hotel. “They wer

Lastday

Search This Blog