Shareholders Laud NASCON Allied’s 84% Profit Growth, Dividend Payment, Despite Hiccups

Caption: From left, Executive Director Commercial, NASCON Allied Industries Plc, Fatima Aliko-Dangote; Non-Executive Director, NASCON Allied Industries Plc, Olakunle Alake; Independent Non-Executive Director, NASCON Allied Industries Plc; Prof. Chris Ogbechie; Chairperson, NASCON Allied Industries Plc, ‘Yemisi Ayeni; Acting Managing Director, NASCON Allied Industries Plc, Thabo Mabe, at the 2022 Annual General Meeting (AGM) of NASCON Allied Industries Plc, in Lagos on Friday, May 26, 2023.

Shareholders of NASCON Allied Industries Plc, on Friday, May 26, 2023, applauded the board and management for the impressive growth in its numbers for the full-year ended December 31, 2022, especially the profit after tax, which soared by 84% during the period, as well as the dividend proposed by the directors.
Specifically, PAT improved to N5.47bn from N2.97bn in the corresponding period of 2021, translating to Earnings per share of N2.06 in 2022, in contrast to N1.12 in 2021, from which shareholders approved the payment of N1 per 50 kobo share totalling N2.65bn as recommended by the board, compared to the 40 kobo per share, or N1.06bn declared in the comparative period of 2021.
According to the result presented before the Annual General Meeting (AGM) last week, turnover saw a 77% upsurge from N33.28bn 2021 to to N58.79bn, profit before tax also rose by a significant 98%, from N4.24bn to N8.37bn, representing an increase of N4.12bn.
Fielding questions during the meeting, the Acting Managing Director, Thabo Mabe, said the result was despite the spate of insecurity, as well as congested ports and poor road infrastructure across the country, unstable power supply along with employee emigration, traffic gridlock and foreign exchange issues, all of which contributed to the challenges of doing business in 2022.
Mabe expressed optimism that “2023 will involve capitalisation on our gains, leading to greater productive efficiency and enhanced resource utilisation in spite of the challenges in 2022.”
Speaking on future plans, he said that the company would continue to embrace strategies capable of enhancing its market share in the area of its core competence of refining crude salt for both human and animal consumption.
This, he continued, “is an area that we have focused our business to attain leading customer service standards. “Our plan for future growth is to continue to develop these markets and drive cost savings within the business, as input costs skyrockets.
“Nigeria is blessed with a huge consumer base and opportunities; we will be part of these opportunities and contribute our quota to power eradication,” he added.
Speaking at the AGM, Tunde Badmus, a shareholder, applauded the management for the impressive performance, resulting from the efficient running of the company, and despite the harsh economic environment. He also appreciated the board for the dividend declared.
Also speaking, Anthony Omojola, former National-Coordinator, Independent Shareholders Association of Nigeria (ISAN), lauded the board and management of NASCON for the improved performance and dividend declared, noting that the company had remained consistent in its payment over the years. He, however, urged the board and managed to work with the company registrars and Investors Relations Department to tackle the rising unclaimed dividends in the market.
Addressing the shareholders earlier, Mrs ‘Yemisi Ayeni, the chairperson, said the company successfully reduced its greenhouse gas emissions by 5% in the year under review, in addition to implementing waste reduction programmes, achieving a 28% reduction in hazards and non-hazardous waste generated.
According to her, “we have strengthened our relationships with our employees, customers, suppliers, and communities and supported initiatives that promote social well-being,” she said.
On the future, Ayeni said that health, safety and environment and sustainability considerations remain major drivers of policy and strategy at NASCON.
“Although global and national pressures continue to pose challenges, we are optimistic about the future outlook as we continue to monitor the business environment.
“Despite the identified challenges, the board and management of NASCON are determined to continue on the right path to develop the business,” Ayeni said.