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NASCON Allied Industries Plc has ended the 2020 financial year on a positive note and with greater optimism among shareholders on the expected revenue growth from its new state-of-art salt refinery.
Rising from its 2020 Annual General Meeting held at the Civic Centre in Lagos at the weekend, the company announced a turnover of N28.01 billion, representing about two per cent increase from the previous year (N2019: N27.49 billion), despite the economic headwinds generated by the COVID-19 pandemic globally and nationwide.
In its 2020 Annual Report themed ‘Protecting Our Core’, the company, for the financial year ended December 31 2020 also recorded N2.69billion in Profit After Tax (PAT), a 46 per cent increase for the year, compared to N1.85billion in 2019. Earnings per share also rose to N1.02 in 2020 compared to N0.70 in 2019.
The Board of NASCON Allied Industries, at the meeting convened by its Chairperson, Mrs. ‘Yemisi Ayeni, also recommended a dividend of N0.40 per 50 kobo share, amounting N1.06billion, which was approved by shareholders and proxies at the meeting.
In her statement, Ayeni noted that, “During 2020, many manufacturing businesses faced numerous challenges associated with COVID-19 and the resulting economic downturn.
