Nigeria’s CAP Plc crosses $1 million Q1 profit mark for the first time, under Folasope Aiyesimoju

Chemical and Allied Products Plc (CAP Plc), a leading paints and coatings manufacturer, chaired by Nigeria’s youngest dealmaker, Folasope Babasola Aiyesimoju, sustained its earnings momentum in the first quarter of 2026, delivering its strongest quarterly performance on record and crossing the $1 million profit threshold for the first time.

CAP Plc profit rises 38% in Q1 as revenue climbs 15%

Building on a record-breaking 2025, when profit rose 51% to N5.75 billion ($4.21 million), CAP Plc’s Q1 2026 profit jumped 38% year-over-year, according to unaudited financials. Profit rose from N1.15 billion ($842,749) in Q1 2025 to N1.58 billion ($1.16 million) in Q1 2026, marking a historic milestone as the company crossed the $1 million quarterly profit level for the first time in its history.

Revenue also strengthened during the period, rising 15% year-on-year from N10.09 billion ($7.41 million) to N11.59 billion ($8.51 million), driven by improved sales performance across its paints and coatings segments.

Operating profit surged 40% to N2.12 billion ($1.56 million), supported by higher gross profit and improved operational efficiency. Gross profit rose to N5.08 billion, reflecting stronger topline growth and controlled cost expansion.

Finance income increased 41% to N372.49 million, while profit before tax climbed 40% to N2.39 billion, underscoring broad-based growth across the company’s income streams.

CAP Plc thrives under Aiyesimoju’s strategic influence

CAP Plc, Nigeria’s foremost paints and decorative company, is known for globally recognised brands including Dulux, Sandtex, Caplux and Hempel. As the sole technological licensee of Akzo Nobel Coatings International B.V. in Nigeria and representative of Hempel Paints South Africa, CAP has played a pioneering role in shaping the country’s paint industry, notably introducing the colour centre concept in 2005. 

Listed on the Nigerian Exchange, the company is majority-owned by UAC of Nigeria Plc, which holds a 57.85% stake. Through his 25.36% stake in UAC of Nigeria Plc, Aiyesimoju serves as an indirect shareholder and chairman of CAP, exercising control over the conglomerate’s majority holding.

Under his leadership, total comprehensive income rose 37.6%, from N1.15 billion ($0.84 million) to N1.58 billion ($1.16 million), as the company extended its earnings momentum in the first quarter of 2026. This follows a stronger revenue base, which increased from N10.09 billion ($7.41 million) to N11.59 billion ($8.51 million) over the same period.

Assets & retained earnings see big gains

The Lagos-based company’s balance sheet also revealed a 7.93% expansion in total assets, from N24.47 billion (417.92 million) to N26.41 billion ($19.35 million) year-over-year. Retained earnings also surged 12.79%, rising from N12.35 billion ($9.04 million) to N13.93 billion ($10.2 million).