CAP : CHEMICAL AND ALLIED PRODUCTS PLC- QUARTER 4 - FINANCIAL STATEMENT FOR 2021

FINANCIAL

STATEMENTS

FOR THE PERIOD

ENDED

31 DECEMBER 2021

Chemical and Allied Products Plc

Unaudited Financial Statements

For the Period Ended 31 December 2021

Contents	Pages
Financial Highlights		3
Statement of Comprehensive Income		4
Statement of Financial Position		5
Statement of Changes in Equity		6
Statement of Cash Flows		7
Notes to the Financial Statements
* Significant accounting policies	8	- 29
* Other notes to the financial statements	30	- 43

2

Chemical and Allied Products Plc

Unaudited Financial Statements

For the Period Ended 31 December 2021

Financial highlights
	12 Months to	12 Months to
	Dec 2021	Dec 2020	%
	N'000	N'000	change
Revenue	13,905,169	8,735,098	59
Operating profit	1,358,000	1,557,260	(13)
Finance income	177,180	249,785	(29)
Profit before taxation	1,527,566	1,805,738	(15)
Taxation	(453,606)	(582,614)	22
Profit for the year	1,073,960	1,223,124	(12)
Total equity and liabilities	11,926,519	8,526,076	40
Additions to property, plant & equipment (PPE)	1,165,997	114,276	100
Depreciation on PPE	225,101	145,589	(55)
Cash and cash equivalents	2,420,961	5,748,369	(58)
Earnings per share (kobo) - Basic and diluted	136	175	(22)
Net asset per share (kobo) - Basic	553	535	3

3

Chemical and Allied Products Plc

Unaudited Statement of Profit or Loss and Other Comprehensive Income

For the Period Ended 31 December 2021

		3 Months to	3 Months to	12 Months to	12 Months to
		Dec 2021	Dec 2020	Dec 2021	Dec 2020
	Notes	N'000	N'000	N'000	N'000
Revenue	5
4,850,285	2,748,283		13,905,169	8,735,097
Cost of sales	7i	(3,010,592)	(1,684,526)		(9,370,408)	(4,992,905)
Gross profit		1,839,693	1,063,757		4,534,761	3,742,192
Selling and Marketing expenses	7iiI	(495,417)	(173,946)		(985,930)	(564,942)
Administrative expenses	7ii	(738,542)	(437,601)		(2,486,785)	(1,708,971)
Other income	6	42,165	22,773		295,954	88,981
Operating profit		647,899	474,983		1,358,000	1,557,260
Finance income	9	35,310	57,699		177,180	249,785
Finance cost	10	(6,634)	(873)		(7,614)	(1,307)
Net Finance income		28,676	56,826		169,566	248,478
Profit before taxation		676,575	531,809		1,527,566	1,805,738
Income tax expense	11	(216,504)	(170,179)		(453,606)	(582,614)
Profit for the year		460,071	361,630		1,073,960	1,223,124
Other comprehensive income for
the year net of tax		-	-		-	-
Total comprehensive income for
the year		460,071	361,630		1,073,960	1,223,124
Earnings per share for profit
attributable to the equity holders
of the company:
Basic and diluted EPS (kobo)	13	58	52		136	175

The notes on pages 8 to 43 are an integral part of these financial statements.

4

Chemical and Allied Products Plc

Unaudited Statement of Financial Position

For the Period Ended 31 December 2021

		2021	2020
	Notes	N'000	N'000
Assets
Non-current assets
Property, plant and equipment	14	1,516,484	827,768
Right of use asset	16	7,562	7,562
Intangible assets	15	58,751	4,210
Finance lease receivable	18b	8,766	8,766
		1,591,563	848,306
Current assets
Inventories	17	5,517,517	967,065
Return asset	24	61	61
Trade and other receivables	18a	655,627	461,430
Finance lease receivable	18b	1,606	1,606
Prepayments	19	1,496,900	489,179
Cash and cash equivalents	20	2,420,961	5,748,369
		10,092,672	7,667,710
Assets held for sale		242,284	10,060
		10,334,956	7,677,770
Total assets		11,926,519	8,526,076
Liabilities
Non-current liabilities
Lease Liability	26	7,876	7,876
Deferred taxation liabilities	23	119,009	157,662
		126,885	165,538
Current liabilities
Trade and other payables	21	5,317,207	2,200,866
Refund liability	25	111	110
Lease liability	26	1,415	1,307
Current income tax liabilities	11	468,071	589,835
Import finance facility	28.	6,170	75,103
Dividend payable	12	1,645,495	1,748,509
		7,438,469	4,615,730
Total liabilities		7,565,354	4,781,268
Ordinary share capital	21	394,130	350,000
Share premium	21	19,254	19,254
Other Reserves from business
combination		968,267	-
Retained Earnings		2,979,514	3,375,554
Equity attributable to equity
holders of the Company		4,361,165	3,744,808
Total equity		4,361,165	3,744,808
Total equity and liabilities		11,926,519	8,526,076

Mrs. Awuneba Ajumogobia		Mrs Bolarin Okunowo		Mr. Yomi Adenson
Chairman		Managing Director		Chief Financial Officer
FRC/2020/003/00000020872		FRC/2020/003/00000020616		FRC/2021/001/00000023429

The financial statements have been approved and authorised for issue by the board of Directors on 27th December, 2022 The notes on pages 8 to 43 are an integral part of these financial statements.

5