Chemical And Allied Products Beats Inflation, Reports 72% Jump In Profits Half Year 2022

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Chemical and Allied Products Plc (CAP) has announced its unaudited results for the period ended 30 June 2022 with a profit after tax of N904 million as against N509 million representing a growth of 78%.

Profit before tax was N1.3 billion, up 91% from N697 million in half year of 2021while Gross profit 102% higher on the back of strong revenue growth and higher gross margin, up 988 bps.

Revenue grew by 53% to N8,745 billion in 2022 from N5.728 billion in the half year 2021. Operating expenses rose to N2,326 billion from N1,367 billion in 2021, representing a growth of 70%.

Chemical And Allied Products Beats Inflation, Reports 72% Jump In Profits Half Year 2022

Commenting on the results, Managing Director, Bolarin Okunowo, stated: “We are excited with the results for this half year, having delivered double-digit growth in revenue and triple-digit growth in operating profit.

We are seeing encouraging results from recent investments in our brands and distribution infrastructure and are confident that these investments will further yield positive results as well as expand the frontiers of our business.

Inflationary cost pressures remain a key concern and we are focused on delivering operational efficiencies and taking proactive pricing actions to combat the impact of rising costs”.