Shareholders of NASCON Allied Industries Plc, a subsidiary of Dangote Industries Limited, have commended the food seasoning company over its impressive performance in the year ended December 31, 2021 in spite of the harsh economic operating environment just as the company emerged the best haulage company of the year.
The shareholders spoke during the NASCON’s Annual General
Meeting held over the weekend in Lagos State.
A representative of the shareholders, Bisi Bakare, said the
performance reflects the ability of the management of NASCON to steer the
company through difficult times, especially in the face of lack of power,
fluctuating exchange regime and dwindling purchasing power of consumers.
Bakare expressed the belief that the overall performance of
the company was a reflection of the seven sustainability pillars adopted by
NASCON and which are geared towards ensuring that the company connects with all
stakeholders.
Another shareholder, Adetutu Siyanbola, in her remarks said
that NASCON Transport Team section should be commended as indicated in the
financial report for winning the best haulage company of the year out of the
684 companies that enrolled for the
Road-Transport-Safety-Standardization-Scheme of the Federal Road Safety Corps.
Siyanbola pointed out that the company has over the years
imbibed a culture known for taking good care of shareholders through consistent
payment of dividends adding that despite the harsh operating environment
occasioned by the global economic downturn, the company still paid a dividend
of 40 kobo per share.
Adding his voice to the commendation, respected
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.
Nwosu said that while other companies are lamenting and
cutting down on production, the company is paying dividend, which is commendable.
Responding, the acting Managing Director, NASCON, Thabo
Mabe, said the company is not resting on its achievements but is moving from
street to street, market to market and shop to shop, introducing its array of
products to consumers.
Mabe said that as a company in the fast-moving consumer
goods sector, the management team has developed plans and strategies to capture
more share in chosen markets and will
gradually deploy them in the coming months.
A peep into NASCON’s annual report for 2021 indicated that
profit before tax rose from N3.9 billion to N4.3 billion, while net profit was
N2.97 billion.
National Salt Company of Nigeria was established as a salt
refinery at Ijoko, Ogun State in 1973 in a joint venture between the Federal
Military Government of Nigeria and Atlantic Salt and 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 in 2007, NASCON acquired the assets, liabilities and business
undertakings of the DSL.
Principal activities of the company include processing of
raw salt into refined, edible and industrial salt.
NASCON is also into the production of seasoning and
vegetable oil.