NASCON Records N2.7bn Profit after Tax, Pays N1.1bn Dividend
NASCON Allied Industries Plc recorded improved performance for the year ended December 31, 2020 despite the challenges and rewarded the shareholders with dividend.
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.”
SOURCE: THIS DAY