By Chinyere Aruogu
Shareholders of CAP Plc, a subsidiary of UAC of Nigeria Plc, on Tuesday, June 13 gave approval for N1.54 billion recommended as dividend for the year ended December 31, 2016 to be given out to shareholders.
The sum translates to 220 kobo per share and was approved by the shareholders at the annual general meeting (AGM) in Lagos.
CAP Plc manufactures Dulux, a leading global paint brand, and ended the year with a turnover ofN6.81billion and profit after tax of N2.32 billion.
Larry Ettah, Chairman said in his address to the shareholders that the company expanded its distribution network by opening five Dulux Colour shops during the year under review.
Ettah said:“In 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.”
He disclosed that the company retained its ISO 9001:2008 and achieved re-certification of ISO 14001:2004 on Quality and Environmental Management Systems, respectively, adding that, “We 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.”
He said CAP PLc would leverage on the opportunities presented by the 2017 budget for the real estate sector.
His words: “We will be future-proofing our business by focusing 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.”
According to Ettah the company invested €609,605 to acquire an in-plant tinting technology to modernise its paint production processes, while improving efficiency and delivering prompt customer service.
He said the plant was inaugurated in April 2017, and that, “this is expected to boost performance in the year.”