Shareholders of NASCON Allied Industries Plc, a subsidiary of Dangote Industries Limited, on Monday in Lagos held its annual general meeting, with shareholders commending the board for the prompt payment of dividends.
The shareholders who spoke on behalf of others who attended the meeting virtually, were elated that th company’s revenue for the full-year ended December 31, 2019, grew from N25.77bn in the preceding year to N27.49bn.
The management however assured that the 2019 performance could be a child’s play when compared to the half-year numbers of current year, urging them to expect a bumper harvest, despite the effects of the ravaging novel coronavirus pandemic.
Speaking at the meeting, Mrs. Bisi Bakare, a shareholder, said it is not surprising, given that the company is known for taking good care of shareholders through consistent payment of dividends.
Agreeing with Bakare, shareholders’ rights’ activist, Sir Sunny Nwosu, lauded the board and management of NASCON for their ability to declare and pay dividends despite the harsh operating environment which resulted from the Apapa Wharf gridlock and the downturn in national economy.
He expressed happiness that while other companies are lamenting and cutting down on production, NASCON Allied is paying dividend which is commendable.
Responding, the Managing Director, Paul Farrer said the company has developed strategies to capture bigger market share in its stated markets over the coming months.
He said the company has proved resilient in the face of the challenging environment of 2019 and is strongly focused on capacity growth and increased market penetration. He disclosed that the company will be leveraging on a number of synergies including improved output in terms of quality, quantity and business efficiency to deliver value for all stakeholders.
NASCON Allied was established in 1973 as National Salt Company of Nigeria as a salt refinery at Ijoko, Ogun State, as a joint venture between the Federal Military Government of Nigeria and Atlantic Salt & Chemical Inc. of Los Angeles, California, USA.
The Company was privatised in 1991 with its shares listed on the Nigerian Stock Exchange in October 1992, through which Dangote Industries Limited purchased majority shares. Following the reverse takeover of NASCON by Dangote Salt Limited (DSL) in 2007, NASCON acquired the assets, liabilities and business undertakings of DSL.
L-R: Non-Executive Director, NASCON Allied Industries Plc, Chris Ogbechie PhD, Company Secretary, NASCON Allied Industries Plc, Adedamola Samuel; Chairperson, NASCON Allied Industries Plc, ‘Yemisi Ayeni; Non-Executive Director, NASCON Allied Industries Plc, Olakunle Alake; and Managing Director, NASCON Allied Industries Plc, Paul Farrer at the Annual General Meeting of NASCON Allied Industries Plc, held in Lagos yesterday.