NASCON Allied Industries Plc has assured its shareholders of
continuous growth and value creation in 2024 and years beyond.
Speaking to shareholders, the Chairperson of NASCON, Yemisi
Ayeni, gave the assurance at the annual general meeting of the company held in
Lagos yesterday, said “amidst the
challenges in 2023, the company achieved commendable operational performance.
Our strategic initiatives and proactive measures enabled us to grow in value
and profitability.”
She said: “Our turnover for the financial year ended
December 31, 2023, grew 37 per cent to N80.8 billion, marking a significant
increase from the previous year. Profit after tax also saw an impressive growth
of 151 percent to N13.7 billion, reflecting our commitment to operational
efficiency and excellence.”
On future plans, Ayeni stated that “as we look ahead, NASCON
remains focused on its commitment to health, safety, and environmental
sustainability. Despite ongoing challenges in the global and national landscape,
we are optimistic about the prospects of our company.
The Board and Management are steadfast in our dedication to
driving continued growth and innovation while maintaining a steadfast commitment
to our stakeholders and communities.”
Also speaking, the Managing Director of NASCON, Thabo Mabe
noted that in 2023, the company faced significant business challenges amid
Nigeria’s economic challenges, characterised by deteriorating macroeconomic
indicators compared to the previous year.
He added that despite the formidable challenges faced in
2023, NASCON remained steadfast in its commitment to stakeholders, prioritising
their well-being and maintaining integrity and compliance in all endeavours.
He pointed out that, “in positioning NASCON for sustained
growth while maintaining profitability, we have outlined a multifaceted
strategy that leverages our strengths, embraces innovation, and prioritises efficiency.
By identifying emerging trends and consumer preferences, we can capitalise on
untapped opportunities for growth while mitigating risks associated with market
saturation.
“Through continuous process optimisation and strategic
resource allocation, we seek to enhance productivity and reduce costs, thereby bolstering
our bottom line and ensuring long-term sustainability.
Also, strategic partnerships and collaborations play a
pivotal role in our growth strategy. By forging alliances with industry peers, suppliers,
distributors, and other stakeholders, we can access new markets, technologies,
and resources that complement our core competencies.
“Through mutually beneficial partnerships, we can accelerate
market expansion, drive innovation, and unlock new revenue streams. By aligning
our strategic initiatives with our mission and vision, we aim to create
sustainable value for all stakeholders while contributing to economic
development of the communities in which we operate,” he added.
Meanwhile, the
shareholders commended the management and board of NASCON for the performance
and bonus declared during the financial year review.
They approved and authorised the directors to capitalise
such sufficient sums from the amount available for distribution, to members in
the proportion of one new ordinary share of 50 kobo for every 50 existing
ordinary shares of 50 kobo.
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