Covid-19 deflates CAP’s Q1 performance

The COVID-19 pandemic has affected the performance of Chemical and Allied Products Plc (CAP), in the first quarter of 2021, Q1’21, though its operating expenses, OPEX, improved by 258 bases points, bps or 23.3 per cent from 25.8 per cent in the corresponding period of 2020, Q1’20.

A review of the Company’s unaudited results released to the Nigerian Exchange Group, NXG, for the first quarter ended March 31, 2021 showed that the revenue of N2.1 billion was lower than Q1’20 by 9.5 per cent while the gross profit was N703 million, a decline by 39.9 per cent against N1.167 billion in Q1’20 with gross margin of 33.5 per cent.

Other performance indicators showed that the company recorded Profit Before Tax, PBT of N299 million, down from N672 million in Q1’20, with PBT margin of 14.3 per cent.