The board of Chemical & Allied Products Plc, on Wednesday noted the negative impact of the economic recession on its operations last, year, judging by the audited result for the period ended December 31, 2016, with a slide in top and bottom-line, despite which the directors almost all of its profit after tax (N1.54bn or 222 kobo as dividend.
The company reported sales revenue of N6.813bn, which fell from N7.056bn, with cost of sales swallowing N3.5bn, up from N3.468bn in the corresponding full year of 2015, following which gross profit fell to N3.312bn, down from N3.587bn.
Selling and distribution expenses dropped to N338.336m from N377.099m, just as administrative expense stood at N931.877m from N929.625m. Other income rose to N73.288m from N59.924m.
Operating profit at N2.115bn was flat, compared to the N2.341bn recorded in 2015.
Finance income dropped from N228.856m to N204.459m and finance cost of N23.196m from zero in previous year, resulting in net finance income of N181.263m from N228.856m.
Profit before tax dropped to N2.296bn from N2.57bn, while net profit for the year amount to N1.603bn from N1.739bn, representing earnings per share of 229 kobo, as against the previous 249 kobo, out of which the directors have recommended a dividend of 222 kobo for every 50 kobo share payable on June 13, 2017. Closure of register is on May 8.