Shareholders of CAP Plc, a subsidiary of UAC of Nigeria Plc, on Tuesday approved the sum of N1.54 billion recommended as dividend for the year ended December 31, 2016. The dividend, which translates to 220 kobo per share was approved by the shareholders at the annual general meeting (AGM) in Lagos.
The company, which manufactures Dulux, a leading global paint brand ended the year with a turnover ofN6.81billion and profit of N2.32 billion. Chairman of CAP Plc, Mr. Larry Ettah, in his address to the shareholders said the company expanded its distribution network by opening five Dulux Colour shops in the course of the year.
â€œIn a bid to gain market share at the onset of the recession, a strategic decision to play more aggressively in the standard segment of the paint market was taken. We also increased our offering by the introduction of CAP Screeding Filler, a pre-decoration product to complement both our premium and standard brands,â€ he said.
Ettah disclosed that the company retained its ISO 9001:2008 and achieved re-certification of ISO 14001:2004 on Quality and Environmental Management Systems, respectively.
â€œWe continue to offer high quality products and services to customers while complying with regulatory requirements and conduct our operations in a healthy and safe manner, ensuring minimal impact on the environment,â€ he said.
Looking ahead, the chairman said they would leverageon the opportunities presented by the 2017 budget for the real estate sector.
â€œWe will be future-proofing our business by focussing on innovation and expanding local product offerings. We will also pilot colour advisory services to professionals in the building industry to further consolidate our leadership in the industry,â€ he said.
Ettah disclosed that the company invested the sum of â‚¬609,605 to acquire an in-plant tinting technology to modernise its paint production processes, while improving efficiency and delivering prompt customer service.
According to him, the plant was inaugurated in April 2017, noting that, â€œthis is expected to boost performance in the year.â€
Meanwhile, the stock market extended its losses for the second day as profit taking continued yesterday. Consequently, the Nigerian Stock Exchange (NSE) All-Share Index fell by 0.28 per cent to close lower at 33,142.18.
The decline followed losses by Nestle(-2.6 per cent), Access Bank (-3.7 per cent), Forte Oil (-9.6 per cent) and Dangote Cement(-5.0 per cent) which offset gains in Lafarge Africa (+2.9 per cent) and Zenith (+1.0 per cent).