Finance Costs Surge for CAP
In 2023, Chemical and Allied Products Plc experienced a significant increase in finance costs, which surged by 362.97% to N 155.35m from N33.55m. This sharp rise was primarily driven by a 377.27% increase in interest on borrowings.
The interest on borrowings jumped to N153.92m from N32.25m in the previous year, 2022.
Despite the notable rise in finance costs, the company managed to improve its profit after tax by six percent to N2.5bn in 2023, compared to N2.4bn in the previous year.
According to CAP's audited report, revenue also grew significantly by 24%, reaching N23.9bn instead of N14.2bn in 2022, marking the highest revenue in the last five years for the company.
The company's directors have recommended a full-year ordinary dividend of N1.55k per 50 kobo sha...