NASCON Allied Industries Plc has ended the 2020 financial year on a positive note despite the pandemic and its adverse effect on businesses following a 46 percent increase in its Profit After Tax (PAT) for the 2020 financial year.
The company announced during its 2020 Annual General Meeting (AGM) held in Lagos that its PAT moved from N1.85 billion in 2019 to N2.69 billion in 2020.
Its revenue hit N28.01 billion, representing a two percent increase from the N27.49 billion achieved in the same period of 2019, while its earnings per share increased to N1.02 from N0.70 in 2019.
Following its improved performance, NASCON Board during its AGM recommended a dividend payment of N0.40 per 50 kobo share, making a total payment of N1.06bn, which was approved by its shareholders.
Paul Farrer, Managing Director, NASCON, said despite the diverse challenges faced during the pandemic, NASCON focused on maximizing gains from its 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,” he said.
Fatima Aliko-Dangote, Executive Director, Commercial, NASCON noted that the COVID-19 restrictions affected the company’s route-to-market, but efforts are being made to improve productivity and customer engagement
“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,” she said.
Yemisi Ayeni, Chairperson, NASCON Board in 2020, many manufacturing businesses faced numerous challenges associated with COVID-19 however the situation provided NASCON the opportunity to review its service delivery processes, reposition its salt business based on an additional capacity, and focus on its distribution models.
Giving an outlook for 2021, she said “we have taken decisive measures to ensure stakeholder expectations are continually satisfied. We are confident that our business model will enable us to successfully navigate global changes while seizing opportunities to continually create value for our stakeholders,”
