Nascon Allied bites the dust: Records first loss in a decade

Nascon Allied Nigeria Plc has bitten the dust and kissed the canvass as it recorded its first loss in more than a decade.

The company has been struggling with a myriad of challenges such as decrepit infrastructure, inflationary pressures, and weak consumer purchasing power.

For the first year ended December 2019, Nascon Allied posted a loss after tax of N118.27 million from N769.94 million profit recorded the previous year.

Analysis of the financial statement of the consumer goods giant showed a slow growth in revenue couldn’t cover rising production costs, resulting in operating inefficiency.