Paint maker CAP triples quarterly profit to N1.3bn

Chemical and Allied Products Plc, a paints and coatings company in Nigeria, saw its profit before tax surge more than threefold to N1.3 billion in the third quarter of this year.

The company’s revenue grew 47 percent to N8 billion, according to its latest earnings report released on Friday.

“We are pleased to report a strong set of results for Q3 2024, demonstrating the resilience of our business model and our ability to navigate a challenging operating environment,” Bolarin Okunowo, managing director of CAP, said in a statement.

He said the growth in revenue and profits “was achieved by executing our strategic growth objectives and prioritizing operational efficiency”.

“Looking ahead to the last quarter of the year, we remain focused on delivering profitable growth and enhancing our customer experience,” he added.