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CAP Plc to pay N595m dividend - The Punch

CAP Plc has received the approval of its shareholders to pay N595m as last dividend for the 2014 monetary year.

The subsidiary of UAC of Nigeria Plc, which grew its income earlier than tax by 17 per cent to N2.44bn in 2014, acquired the approval to pay the dividend at its Annual universal meeting in Lagos on Thursday.

also in 2014, the business's turnover at N6.99bn represented a 13 per cent raise year-on-year.

on the AGM, the Chairman, CAP Plc, Mr. Larry Ettah, explained to the shareholders that it was according to the efficiency that the Board of directors recommended the dividend, which translated to 85 kobo per share.

"this is apart from the interim dividend of a hundred and fifty kobo per share paid on November 19, 2014. This brings the total dividend for 2014 fiscal yr to N1.645bn, representing 235 kobo per share," he observed.

Reviewing the operating atmosphere, Ettah stated organizations had persevered to face the challenges of bad infrastructure and public services, insecurity, corruption, assorted taxes, vigor provide shortfalls and a risky capital market.

He defined that at a degree, vigour deliver declined so significantly within the nation that public power became non-existent just as the forex devaluation heralded an additional round of sharp raises within the costs of inputs.

Ettah delivered that apart from those challenges, the political possibility in the nation heightened because of the universal elections, with funding drying up as consumer paying for energy remained weak.

The challenges, he stated, affected the financial system and business revenues and margins.

Ettah, however, mentioned the company would continue to make the best of the situation and make sure that it meets its ambitions and responsibilities to the shareholders.

He referred to, "As a ahead looking enterprise, we can continue to searching for and harness alternatives that be sure we stay critical and create greater value for you, our esteemed shareholders and different stakeholders.

"we can invest in innovative expertise for paint manufacture so one can allow your enterprise to successfully meet the needs of consumers, permitting them to categorical their shade preferences within the local variant of our flagship company."

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Contact: editor@punchng.com

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