The performance of the company was presented at its annual
general meeting (AGM) in Lagos, showing a turnover of N28.01 billion, up from
N27.49 billion in 2019.
Profit after tax (PAT) printed at N2.69 billion, showing an
increase of 46 per cent compared with N1.85 billion in 2019. Earnings per share
also increased to N1.02 in 2020 compared to N0.70 in 2019, out of which 40 kobo
was paid as dividend to the shareholders, amounting to N1.06 billion.
The Chairperson of NASCON Allied Industries Plc, Mrs.
‘Yemisi Ayeni, said during 2020, many manufacturing businesses faced numerous
challenges associated with COVID-19 and the resulting economic downturn.
“2020 was a challenging year for our business and the world
in general. Yet it was also a year that provided our business the opportunity
to review service delivery processes, reposition the salt business based on our
additional capacity, and focus on our distribution models. It is the
long-standing trust and loyalty of our shareholders that has allowed us to
implement our long-term vision and benefit from the resilience it brings”,
Ayeni said.
Also speaking, the Managing Director of NASCON, Mr. Paul
Farrer, said despite the diverse challenges faced during these trying times,
they continued to demonstrate their resilience and optimism into 2021.
“We are focused on maximising the gains from our capacity
expansion, human capital development, operational efficiency and aggressive
trade in all market segments. In terms of market expansion, we have heavily
invested in our new salt refinery. This is a state-of-the-art refinery plant,
using best practices to produce high quality products for our discerning
customers. The future for NASCON looks very bright. We have installed our new
salt refinery and as a result, established a strong platform for future growth.
“I want to specifically thank our trade partners, consumers,
suppliers, team members and strategic stakeholders for contributing to our
success story in 2020. We look forward to continuing these mutually beneficial
relationships in the future,” he added.
Speaking in the same vein, the Executive Director,
Commercial, NASCON Allied Industries, Fatima Aliko-Dangote, said: “The COVID-19
restrictions affected our route-to-market, but we are constantly engaging
customers to improve our productivity. Although the bulk of our volume is consumed
in the north, our investment in the new salt refinery will increase our
productivity and our coverage of the other regions.”