FINANCIAL
STATEMENTS
FOR THE PERIOD
ENDED
31 DECEMBER 2021
Chemical and Allied Products Plc
Unaudited Financial Statements
For the Period Ended 31 December 2021
Contents | Pages | |
Financial Highlights | 3 | |
Statement of Comprehensive Income | 4 | |
Statement of Financial Position | 5 | |
Statement of Changes in Equity | 6 | |
Statement of Cash Flows | 7 | |
Notes to the Financial Statements | ||
* Significant accounting policies | 8 | - 29 |
* Other notes to the financial statements | 30 | - 43 |
2
Chemical and Allied Products Plc
Unaudited Financial Statements
For the Period Ended 31 December 2021
Financial highlights | |||
12 Months to | 12 Months to | ||
Dec 2021 | Dec 2020 | % | |
N'000 | N'000 | change | |
Revenue | 13,905,169 | 8,735,098 | 59 |
Operating profit | 1,358,000 | 1,557,260 | (13) |
Finance income | 177,180 | 249,785 | (29) |
Profit before taxation | 1,527,566 | 1,805,738 | (15) |
Taxation | (453,606) | (582,614) | 22 |
Profit for the year | 1,073,960 | 1,223,124 | (12) |
Total equity and liabilities | 11,926,519 | 8,526,076 | 40 |
Additions to property, plant & equipment (PPE) | 1,165,997 | 114,276 | 100 |
Depreciation on PPE | 225,101 | 145,589 | (55) |
Cash and cash equivalents | 2,420,961 | 5,748,369 | (58) |
Earnings per share (kobo) - Basic and diluted | 136 | 175 | (22) |
Net asset per share (kobo) - Basic | 553 | 535 | 3 |
3
Chemical and Allied Products Plc
Unaudited Statement of Profit or Loss and Other Comprehensive Income
For the Period Ended 31 December 2021
3 Months to | 3 Months to | 12 Months to | 12 Months to | |||
Dec 2021 | Dec 2020 | Dec 2021 | Dec 2020 | |||
Notes | N'000 | N'000 | N'000 | N'000 | ||
Revenue | 5 | |||||
4,850,285 | 2,748,283 | 13,905,169 | 8,735,097 | |||
Cost of sales | 7i | (3,010,592) | (1,684,526) | (9,370,408) | (4,992,905) | |
Gross profit | 1,839,693 | 1,063,757 | 4,534,761 | 3,742,192 | ||
Selling and Marketing expenses | 7iiI | (495,417) | (173,946) | (985,930) | (564,942) | |
Administrative expenses | 7ii | (738,542) | (437,601) | (2,486,785) | (1,708,971) | |
Other income | 6 | 42,165 | 22,773 | 295,954 | 88,981 | |
Operating profit | 647,899 | 474,983 | 1,358,000 | 1,557,260 | ||
Finance income | 9 | 35,310 | 57,699 | 177,180 | 249,785 | |
Finance cost | 10 | (6,634) | (873) | (7,614) | (1,307) | |
Net Finance income | 28,676 | 56,826 | 169,566 | 248,478 | ||
Profit before taxation | 676,575 | 531,809 | 1,527,566 | 1,805,738 | ||
Income tax expense | 11 | (216,504) | (170,179) | (453,606) | (582,614) | |
Profit for the year | 460,071 | 361,630 | 1,073,960 | 1,223,124 | ||
Other comprehensive income for | ||||||
the year net of tax | - | - | - | - | ||
Total comprehensive income for | ||||||
the year | 460,071 | 361,630 | 1,073,960 | 1,223,124 | ||
Earnings per share for profit | ||||||
attributable to the equity holders | ||||||
of the company: | ||||||
Basic and diluted EPS (kobo) | 13 | 58 | 52 | 136 | 175 |
The notes on pages 8 to 43 are an integral part of these financial statements.
4
Chemical and Allied Products Plc
Unaudited Statement of Financial Position
For the Period Ended 31 December 2021
2021 | 2020 | ||
Notes | N'000 | N'000 | |
Assets | |||
Non-current assets | |||
Property, plant and equipment | 14 | 1,516,484 | 827,768 |
Right of use asset | 16 | 7,562 | 7,562 |
Intangible assets | 15 | 58,751 | 4,210 |
Finance lease receivable | 18b | 8,766 | 8,766 |
1,591,563 | 848,306 | ||
Current assets | |||
Inventories | 17 | 5,517,517 | 967,065 |
Return asset | 24 | 61 | 61 |
Trade and other receivables | 18a | 655,627 | 461,430 |
Finance lease receivable | 18b | 1,606 | 1,606 |
Prepayments | 19 | 1,496,900 | 489,179 |
Cash and cash equivalents | 20 | 2,420,961 | 5,748,369 |
10,092,672 | 7,667,710 | ||
Assets held for sale | 242,284 | 10,060 | |
10,334,956 | 7,677,770 | ||
Total assets | 11,926,519 | 8,526,076 | |
Liabilities | |||
Non-current liabilities | |||
Lease Liability | 26 | 7,876 | 7,876 |
Deferred taxation liabilities | 23 | 119,009 | 157,662 |
126,885 | 165,538 | ||
Current liabilities | |||
Trade and other payables | 21 | 5,317,207 | 2,200,866 |
Refund liability | 25 | 111 | 110 |
Lease liability | 26 | 1,415 | 1,307 |
Current income tax liabilities | 11 | 468,071 | 589,835 |
Import finance facility | 28. | 6,170 | 75,103 |
Dividend payable | 12 | 1,645,495 | 1,748,509 |
7,438,469 | 4,615,730 | ||
Total liabilities | 7,565,354 | 4,781,268 | |
Ordinary share capital | 21 | 394,130 | 350,000 |
Share premium | 21 | 19,254 | 19,254 |
Other Reserves from business | |||
combination | 968,267 | - | |
Retained Earnings | 2,979,514 | 3,375,554 | |
Equity attributable to equity | |||
holders of the Company | 4,361,165 | 3,744,808 | |
Total equity | 4,361,165 | 3,744,808 | |
Total equity and liabilities | 11,926,519 | 8,526,076 | |
Mrs. Awuneba Ajumogobia | Mrs Bolarin Okunowo | Mr. Yomi Adenson | ||
Chairman | Managing Director | Chief Financial Officer | ||
FRC/2020/003/00000020872 | FRC/2020/003/00000020616 | FRC/2021/001/00000023429 |
The financial statements have been approved and authorised for issue by the board of Directors on 27th December, 2022 The notes on pages 8 to 43 are an integral part of these financial statements.
5
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Chemical and Allied Products èòc published this content on 27 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2022 13:18:04 UTC.