CAP assures shareholders of improved performance in 2017
CAP Plc has expressed optimism that the investment made on the acquisition of an in-plant tinting technology would boost company’s performance in the current financial year, just as it has improved its production capacity.
The Chairman of the company, Larry Ettah, while addressing shareholders during the company’s yearly general meeting held in Lagos on Tuesday, said the €609,605, invested to modernize its paint production processes has improved its production capacity and quality of product.
Besides, the shareholders, at the meeting, approved N1.54 billion dividends, translating to 220kobo for every 50 kobo ordinary share for the 2016 financial year.
Ettah added that the investment is expected to boost firm’s performance in the current financial year.
Reviewing its performance during the year, he explained that the business expanded its distribution network by opening five Dulux Colour shops in the course of the year.
He said the company increased its offering with the introduction of CAP Screeding Filler, a pre-decoration product to complement both our premium and standard brands.
He added that a strategic decision to play more aggressively in the standard segment of the paint market was taken in a bid to gain market share at the onset of the recession.
“The company retained its ISO 9001:2008 and achieved re-certification of ISO 14001:2004 on Quality and Environmental Management Systems, respectively. 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.”
On the outlook for the year, Ettah assured shareholders that the company would leverage on the opportunities proffered by the 2017 budget for the real estate sector.
“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.
“The company invested the sum of €609,605, to acquire an in-plant tinting technology, to modernize its paint production processes, while improving efficiency and delivering prompt customer service.”
The President of Standard shareholders Association, Godwin Anono applauded the company for the dividend payout, urging them to intensify efforts in marketing in order to sustain their position in the industry.