Leading food seasoning manufacturer, NASCON Allied Industries which is one of the companies under the Dangote Group, has gained more market share even as its profit after tax (PAT) rose by 151 percent to N13. 73 billion for the financial year ended December 31, 2023.
A review of the company’s 2023 annual results and accounts indicated that profit after tax rose by N8.26 billion over N5.47 billion recorded in 2022. The company earned a revenue of N80.83 billion, which represents 38 percent or N22.04 billion over N58.79 billion in the preceding year. Profit before tax (PBT) increased by 146 percent or N12.22 billion to N20.59 billion compared to N8.37 billion in 2022.
It should be recalled that the company’s managing director,
Mr. Thabo Mabe at its last annual general meeting for 2022 said NASCON will not
rest on its achievements but will move from street to street, market to market,
shop to shop and shelf by shelf, introducing its array of products to
consumers. He 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. This declaration and subsequent follow-up
actions reflect in the company’s performance.
In his remarks on the 2023 company results, Thabo Mabe,
Managing Director, said: “I am delighted to present robust results for the full
year ended 2023, despite high inflation in a challenging macroeconomic
landscape. These positive outcomes were bolstered by our robust value
proposition, enhanced operational efficiency, and continuous efforts to manage
costs. We achieved a 37% growth in revenue, at ₦80.8 billion, while EBITDA
surged to ₦23.1 billion, marking a remarkable 104% increase from the previous
year. PAT came in at ₦13.7 billion, up 151%.
As we prioritize delivering value to our shareholders, the
Board approved an interim dividend of ₦1.00 and has proposed a bonus issue of 2
shares for every 100 shares held. This decision reflects our commitment to
maximizing shareholder value and our aim to reinforce your confidence in
Nascon.
Looking ahead, I am confident our business is well
positioned for the next phase of growth, as we continue to deliver unwavering
services to our customers.”
NASCON is one of the firms that is known for taking good
care of shareholders through consistent payment of dividends. The board and
management of NASCON have demonstrated the ability to navigate the harsh
operating environment that resulted from the Apapa Wharf gridlock and the
downturn in the national economy. While other companies are lamenting and
cutting down on production, the company is paying dividends and giving bonus
shares which are commendable.
NASCON Allied Industries Plc is a Nigeria-based company that
is engaged in the processing of raw salt into refined, edible, and graded salt.
The Company’s products include salt and seasoning. Its salt products include
refined table salt, pure dried and vacuum (PDV) salt, edible industrial salt,
and non-edible industrial salt. The Company’s seasoning product is Dangote
Classic Seasoning.
Its flagship product is the Dangote Refined Table salt
(Dangote Salt), which is a finely refined product for home/domestic use.
Dangote Salt is also suitable for domestic baking and is available in retail
packs of 250 grams (g), 500 g, and one-kilogram (KG) sachets.
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