Chemical and Allied Products (CAP PLC) has recorded profit after tax of N927.50 million for the third quarter financial year ended September 30, 2020. The amount represents a drop of 24.50 per cent compared with N1.228 billion reported in the corresponding bperiod of 2019.
The company’s nine months result released recently showed that profit before tax fell by N 442.51 million to N1.363 billion from N1.806 billion recorded in the comparable period of last year. The company paid tax of N436.47 million against N578.08 million paid in 2019.
An analysis of the company result revealed that the company grew its revenue from N5.777 billion to N5.989 billion while cost of sales increased by 8.86 per cent to N3.297 billion from N3.029 billion. Gross profit declined by 2.08 per cent to N2.691 billion from N2.747 billion in the preceding period of last year.
The result further showed that selling and distribution expenses up by 7.12 per cent to N390 million from N364.08 million in 2019 while administration expenses up by 22.61 per cent to N1.198 billion from N977.07 million.
