Covid-19 pandemic deflates CAP’s Q1 performance amid improvement in operating expenses On By Peter Egwuatu The coronavirus, 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 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 revenue of N2.1 billion was lower than Q1’20 by 9.5 per cent. The gross profit was N703 million, a decline by 39.9 per cent as against N1.167 billion in Q1’20 with gross margin of 33.5 per cent. Operating expenses better managed with opex/ sales of 23.3 per cent, an improvement of 252 basis points from 25.8 per cent in Q1’20.