NASCON Records 84% Increase in Profit

Olufemi Adeyemi 

NASCON Allied Industries Plc recorded impressive growth in all performance indicators in the year ended December 31, 2022, with profit after tax surging by 84 percent, from N2.97 billion to N5.47 billion.

Shareholders at the company’s 2022 annual general meeting (AGM) held at the weekend in Lagos commended the board and management of NASCON for consistent payment of dividends.

Analysis of the food seasoning company’s annual report indicated that profit before tax rose significantly by 98 percent, from N4.24 billion to N8.37 billion, representing an increase of N4.12 billion.

Turnover was on the upswing, increasing from N33.28 billion to N58.79 billion, a 77 percent increase compared to 2021. Earnings per share also increased to 206 kobo in 2022 in contrast to 112 kobo in 2021. A total of N2.65 billion is to be paid as dividend compared to N1.06 billion in 2021.

Speaking at the AGM, a shareholder, Mr Tunde Badmus, applauded the management for the impressive performance and efficient running of the company, amid harsh economic environment.

Badmus appreciated the company for the dividend declared despite the challenging operating environment.

Mr Anthony Omojola, the former National-Coordinator, Independent Shareholders Association of Nigeria, also speaking, lauded the board and management of NASCON for improved performance and declaration of dividend.

Omojola said that the company had remained consistent in dividend payment over the years.

He, however, urged the company to work with registrars and investors relations department to tackle the rising unclaimed dividends in the market.

The shareholders at the meeting approved the payment of N1 per 50k share totalling N2.65 billion recommended by the board.

This was in contrast with N1.06 billion or 40k per share declared in the comparative period of 2021.

Addressing the shareholders, Mrs ‘Yemisi Ayeni, the company’s Chairperson, said the company during the period reduced greenhouse gas emissions by five per cent.

Ayeni said the company implemented waste reduction programmes and achieved a 28 per cent reduction in hazards and non-hazardous waste generated.

“We have strengthened our relationships with our employees, customers, suppliers, and communities and supported initiatives that promote social well-being,” she said.

The National Salt Company of Nigeria was established as a salt refinery at Ijoko, Ogun State in 1973 as 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 DSL.

Principal activities of the company include processing raw salt into refined, edible and industrial salt.

NASCON is also into the production of seasoning and vegetable oil.

May 31, 2023