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NASCON Allied Industries Plc has reported a pre-tax profit of N7.91billion in its 2017 fiscal year just as it proposed 70 kobo dividend per share to its shareholders.
According to the company’s 2017 audited financial results made available to the Nigerian Stock Exchange (NSE), the profit represents 124.9 per cent rise over the N3.516 billion recorded in 2016, while the dividend pay-out of N1.85 billion is 21.08 per cent above the N1.46billion paid the previous year.
The company had recorded 130 per cent growth in profit before tax to N5.962 billion in the third quarter of 2017 , in contrast to N2.592 billion recorded in 2016. Its revenue, however, grew by 61.88 per cent from N12.794 billion in 2016 to N20.712 billion in 2017.
According to data obtained from the Nigerian Stock Exchange (NSE), the company posted a profit after tax (PAT) of N5.34 billion for the full year ended December 2017 as against N2.415 billion in 2016, representing a growth of 121.5 per cent while its revenue grew by 47.96 per cent from N18.291 billion in 2016 to N27.064 billion in 2017. Chairperson of the company, Yemisi Ayeni, at the Annual General Meeting (AGM) in Lagos, revealed that the company recorded a turnover of N18.29 billion, representing a 13 per cent increase over the N16.18 billion in the previous year while earnings per share also rose from 79 kobo to 91 kobo.
To increase market share and improve efficiency, Ayeni revealed that the company would be investing in salt packaging and seasoning cubing lines.
For the year under review, she said while the revenue from the sales of salt increased by 24 per cent to N14.82 billion, sales from seasoning increased by 127 per cent to N0.54 billion.
Executive Director, Commercial, Fatima Aliko Dangote, also assured the shareholders of good returns on their investments, noting that the company was doing so much to enhance their stakes on a consistent basis.
She said: “We are expanding, we are investing on new refinery for our salt and we are also looking at innovations, we are bringing other products that are going to be launched this year. So, hopefully, 2017 will be a better year for the company and also importantly for the shareholders.”
