CAP’s Shareholders Approve N1.26bn Dividend

By Abass Ganiyu
Lagos, Nigeria, July 4, 2024 – Chemical and Allied Products Plc (CAP) has announced that its shareholders have approved a dividend of N1.26 billion for the financial year ended December 31, 2023. The decision was ratified at the company’s Annual General Meeting (AGM) held yesterday in Lagos.

The approved dividend translates to N1.80 per share, reflecting CAP’s commitment to rewarding its shareholders for their trust and sustained support over the years. The dividend is expected to be paid out on July 20, 2024, to shareholders whose names appear in the Register of Members as of the close of business on July 10, 2024.

During the AGM, the Chairman of CAP, Mr. Akinwande Johnson, expressed gratitude to the shareholders for their unwavering support and confidence in the company’s leadership and strategic direction. He noted that despite the challenging economic environment, CAP has remained resilient, delivering consistent growth and profitability.

“Our robust financial performance in 2023 is a testament to our strong business model, operational efficiency, and our team’s dedication. Approving this dividend underscores our commitment to returning value to our esteemed shareholders,” Mr. Johnson stated.

CAP’s Managing Director, Mrs. Adetola Adeyemi, highlighted the company’s achievements over the past year, including significant market expansion, introduction of innovative products, and strategic partnerships that have strengthened CAP’s market position. She assured shareholders that the company would continue to explore new opportunities for growth while maintaining high standards of corporate governance and sustainability practices.

The AGM also saw the re-election of key board members and the approval of the company’s financial statements for the year under review. Shareholders applauded the board and management team for their transparency and strategic initiatives that have driven CAP’s success.

CAP Plc, a leading player in the Nigerian paints and coatings industry, has a rich history of delivering high-quality products and services. The company’s diverse product portfolio and extensive distribution network have positioned it as a market leader in the sector.

The approval of the N1.26 billion dividend is expected to boost investor confidence and solidify CAP’s reputation as a reliable and profitable investment. As the company looks to the future, it remains focused on leveraging its strengths to achieve sustainable growth and enhance shareholder value.

About CAP Plc:

Chemical and Allied Products Plc (CAP) is a leading manufacturer and distributor of paints, personal and home care products in Nigeria. Founded in 1965, CAP has a strong legacy of excellence, innovation, and commitment to customer satisfaction. The company is a subsidiary of UAC of Nigeria Plc, a foremost conglomerate in Nigeria.

For further information, please contact:

Media Relations Department  
CAP Plc  

Disclaimer:

This press release contains forward-looking statements that reflect the company's current views regarding future events and financial performance. Actual results may differ materially from those projected in the forward-looking statements.

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