NASCON to Increase Market Share via Product Innovation
NASCON Allied Industries Plc is targeting more market share in the food sector through increased product range and innovation that will lead to more returns on investment.
Executive Director, Commercial of NASCON, Fatima Aliko-Dangote, who said this, noted that having introduced three new products in 2018, would be introducing more products this year as part of strategies to meet the needs of its varied customer base.
Speaking at the annual general meeting (AGM) of the company in Lagos yesterday, the director said NASCON products are widely accepted in the market.
Managing Director, NASCON, Paul Farrer said the company, having demonstrated its resilience in the challenging environment of 2018, is strongly focused on capacity growth and increased market penetration.
He disclosed that the company would be leveraging on a number of synergies including improved output in terms of quality, quantity and business efficiency to deliver value for all stakeholders.
The shareholders of the company unanimously approved the payment of a total dividend of N2.65 billion for the financial year ended December, 31, 2018 and commended the board and management of the firm.
Speaking at the meeting, Founder, Independent Shareholders Association of Nigeria (ISAN), Mr. Sunny Nwosu, lauded the dividend declared by the company during the period under review.
Nwosu commended the board and management for their ability to declare and pay dividends despite the harsh operating environment which resulted from the Apapa Wharf gridlock and the downturn in the national economy.
Also speaking, Mrs Bisi Bakare of Pragmatic Shareholders Association of Nigeria, commended the quality of the product mix from NASCON.
Bakare said that the product mix compares with the best in the market.
Another shareholder, Olagoke Olusegun commended the quality of the board of directors, which he said consists of vibrant and experienced members who oversee and influence the activities of the management team. According to him, the good synergy between the board and management is seen in the performance of the company despite the harsh operating environment manufacturing companies faced in the year 2018.
He also tasked the management to pay more attention to the welfare of staff who are key to the performance of the company. He said, management should adhere to the best operating guidelines in order not to run afoul of regulatory agencies’ requirements.
In the same vein, Mrs. Funke Godswill, hailed the performance of the company but lamented the impact of Apapa Wharf traffic which she said hinders optimal performance of companies within the axis.