Chemical & Allied Products announces 78% increase in profit

Chemical & Allied Products Plc has announced its unaudited results for half year (H1) ended June 30, 2022 with 78 per cent increase in profit after tax to N904million from N509million reported in prior H1 2021.

The paints and coatings company listed on the Nigerian Exchange Limited (NGX) also announced 91per cent increase in profit before tax to N1.33billion in H1 2022 from N697million reported in H1 2021, driven by improved revenue.

Revenue rose by 53 per cent to N8.75billion in H1 2022 from N5.73billion in H1 2021.

Chemical & Allied Products announced 102 per cent increase in gross profit to N3.5billion in H1 2022 from N1.74billion in H1 2021, higher on the back of strong revenue growth and higher gross margin, up 988 basis points.

Commenting on the results, Managing Director, Chemical & Allied Products, Bolarin Okunowo, in a statement said: “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.”