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UMORU ABDULKADIR
Chemical and Allied Products (CAP) Plc, has recorded a 12.17 per cent drop in its profitĀ for the full year 2019 ended December 31.
The subsidiary of UACN Plc announced this in its Financial Statements for the year 2019 filed to the Nigerian Stock Exchange (NSE) on Tuesday.
The Company’s PAT declined by 12.17 per cent or N247 million to N1.782 billion at the end of full-year 2019 when compared with N2.029 billion achieved in the corresponding period of 2018.
Similarly, its Profit Before Tax (PBT) all shrank by 2 per cent to N2.546 billion at the end of 2019 Financial year from N2.598 billion reported in 2018 full-year period.
Further analysis of its financial statements shows that, despite declines suffered in full-year profits, its revenue grew by 10 per cent to N8.411 billion in 2019 from N7.670 billion recorded in the same period in 2018.
During the period in focus, its Sales and Distribution cost increased to N584.24 million from N262.518 million posted at the end of 2018, an indication of 123 per cent rise in expenses.
While its Administrative Expenses grew by 17.6 per cent to N1.35 billion at the end of 2019 from N1.15 billion reported at full year 2018, Its Earnings Per Share (EPS) declined by 12 per cent to N2.55 from N2.90 achieved in 2018, indicating a downward slope its general performance for the year.
BADEJO ADEMUYIWA has 23 years experience as a Finance Writer, specialising in Insurance and Investigative Reporting.
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