Chemical and Allied Products Plc - Q4 and FY 2022 Unaudited Results
NGX Ticker: CAP
PRESS RELEASE
Regulated Information
Unaudited Financial Results for the Fourth Quarter and Twelve Months Ended 31 December 2022
Lagos, 27 January 2023 - Chemical and Allied Products Plc ("CAP" or the "Company"), Nigeria's leading paints and coatings company, today announced its unaudited results for the fourth quarter and twelve months ended 31 December 2022.
Q4 2022 Highlights
- Revenue 27% ahead of Q4 2021 at N6.1 billion.
- Gross profit 28% higher on the back of strong revenue growth.
- Operating profit 71% higher at N1.1 billion driven by our focus on delivering operational efficiencies.
FY 2022 Highlights
- Revenue at N19.2 billion, an increase of 35% compared to N14.2 billion in FY 2021.
- Gross profit 67% higher at N7.6 billion. Gross margin at 40%, a significant improvement from 32% last year.
- Operating profit 90% ahead of FY 2021 at N3.0 billion.
- Profit before tax of N3.1 billion, up 79% from N1.7 billion in FY 2021.
Commenting on the results, Managing Director, Bolarin Okunowo, stated:
"Our strong performance in the fourth quarter, is proof of our resilience as a business. Although the macroeconomic environment has been challenging, we continue to deliver on our key objectives of providing high quality products and services that delight our customers. Going forward, we will consolidate on the positive momentum built from investments in our people, brands as well as operational and distribution infrastructure to continue to meet and exceed our customers' expectations".
Performance Summary
In million ₦, unless otherwise stated | Q4 2022 | Q4 2021 | YoY | FY 2022 | FY 2021 | YoY |
Revenue | 6,148 | 4,850 | 27% | 19,208 | 14,208 | 35% |
Gross Profit | 2,364 | 1,840 | 28% | 7,627 | 4,558 | 67% |
Gross Margin (% of Revenue) | 38% | 38% | 52 bps | 40% | 32% | 763 bps |
Other Operating Income | 114 | 42 | 170% | 255 | 375 | (32%) |
Selling & Marketing expenses | (557) | (495) | 12% | (1,919) | (988) | 94% |
Administrative expenses | (811) | (739) | 10% | (3,004) | (2,391) | 26% |
Operating Expenses | (1,368) | (1,234) | 11% | (4,923) | (3,379) | 46% |
Operating Expenses (% of Revenue) | 22% | 25% | (319 bps) | 26% | 24% | 185 bps |
Operating Profit | 1,110 | 648 | 71 % | 2,959 | 1,555 | 90% |
Operating Margin (% of Revenue) | 18% | 13% | 469 bps | 15% | 11% | 446 bps |
Finance Income | 59 | 35 | 67% | 167 | 180 | (7%) |
Finance Cost | (29) | (7) | (331%) | (34) | (8) | 341% |
Net Finance Income | 30 | 29 | 6% | 134 | 173 | (23%) |
Profit Before Tax | 1,140 | 677 | 69% | 3,093 | 1,727 | 79% |
Profit before Tax Margin (% of Revenue) | 19% | 14% | 460 bps | 16% | 12% | 394 bps |
Income Tax Expense | (371) | (217) | 71% | (1,005) | (605) | 66% |
Chemical and Allied Products Plc - Q4 and FY 2022 Unaudited Results
NGX Ticker: CAP
Profit After Tax | 770 | 460 | 67% | 2,087 | 1,123 | 86% |
Profit after Tax Margin (% of Revenue) | 13% | 9% | 303 bps | 11% | 8% | 145 bps |
Earnings Per Share (kobo) | 94 | 58 | 62% | 256 | 151 | 70% |
In million ₦, unless otherwise stated | Dec-22 | Dec-21 | YoY | |||
Non-current Assets | 2,155 | 1,599 | 35% | |||
Current Assets | 11,425 | 10,275 | 11% | |||
Assets Held for Sale | 238 | 242 | (2%) | |||
Total Assets | 13,818 | 12,116 | 14% | |||
Non-current Liabilities | 174 | 174 | - | |||
Current Liabilities | 7,614 | 7,532 | 1% | |||
Total Liabilities | 7,788 | 7,706 | 1% | |||
Equity | 6,030 | 4,410 | 37% | |||
Total Liabilities and Equity | 13,818 | 12,116 | 14% | |||
For more information, please contact:
Lolade Bashiru Investor Relationsinvestorrelations@capplc.com+234 815 949 3070
Chemical and Allied Products Plc - Q4 and FY 2022 Unaudited Results
NGX Ticker: CAP
About CAP Plc
Chemical and Allied Products Plc (CAP) is a leading paints and coatings company in Nigeria with globally recognised brands such as Dulux, Sandtex, Caplux and Hempel. CAP manufactures and sells decorative paints and industrial coatings. CAP is the sole technological licensee of Akzo Nobel Coatings International B.V. and is the Nigerian representative of Hempel Paints South Africa (Pty) Limited. CAP pioneered the colour centre concept in Nigeria in 2005, which resulted in the evolution of the Nigerian paint industry. CAP is a public company listed on The Nigerian Exchange ("NGX"). It is a subsidiary of UAC of Nigeria PLC which holds 57.85% of the company's shares. For more information visit https://www.capplc.com/
CAP's Investors Portal
CAP has a dedicated investors' portal on its corporate website which can be accessed via this link: https://www.capplc.com/investor-relations/. This Earnings Press Release should be read in conjunction with the Unaudited Financial Statements for the period ended 31 December, 2022 available on our website. For any investment related enquiry, please contact Lolade Bashiru, Investor Relations by electronic mail at investorrelations@capplc.comor telephone on: +234 815 949 3070.
Disclaimer
This announcement contains or will contain forward-looking statements which reflect management's expectations regarding the Company's future growth, results of operations, performance, business prospects and opportunities. Wherever possible, words such as "anticipate", "believe", "expects", "intend" "estimate", "project", "target", "risks", "goals" and similar terms and phrases have been used to identify the forward- looking statements. These statements reflect management's current beliefs and are based on information currently available to management. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking statements. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally. Chemical and Allied Products Plc cautions readers that several factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and undue reliance should not be placed on the forward-looking statements. For additional information with respect to certain of these risks or factors, reference should be made to the Company's disclosure materials filed from time to time with Securities and Exchange Commission of Nigeria. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise.
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Chemical and Allied Products èòc published this content on 27 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2023 11:37:01 UTC.