The company’s revenue jumped to N36.36 billion from N23.89 billion in 2023, thanks to a surge in demand for its products and higher sales volumes, which made up 99.8% of total revenue.
Profit before tax also saw a significant rise of 57%, reaching N5.91 billion, while profit after tax soared by 69% to N2.64 billion.
Earnings per share more than doubled, increasing by 106% to N3.24, up from N1.57 the previous year, indicating great returns for shareholders.
In 2023, CAP Plc declared a total dividend of N1.26 billion, which translates to N1.55 per 50 kobo ordinary shares.
The company also invested N1.86 billion in property, plant, and equipment, marking a 161% increase from the prior year. This investment was aimed at boosting production capacity and rolling out innovative products to meet market needs.
Bolarin Okunowo, the Managing Director of CAP Plc, commented on the results, stating, “Delivering these remarkable results in a challenging economy reflects the strength of our strategy, the commitment of our team, and the trust of our stakeholders. As we look to 2025, we remain focused on expanding our retail footprint, embracing innovative solutions, and enhancing the customer experience to drive sustainable growth and reinforce our leadership position in the industry.”
The company emphasized its commitment to diversifying its product range and strengthening customer relationships while focusing on long-term stakeholder value and advancing its environmental, social, and governance goals.