Leading food seasoning manufacturer, NASCON Allied Industries has gained more market share even as its profit after tax (PAT) rose by 151 percent to N13. 73 billion for the financial year ended December 31, 2023.
A review of the company’s 2023 annual results and accounts indicated that profit after tax rose by N8.26 billion over N5.47 billion recorded in 2022. The company earned a revenue of N80.83 billion, which represents 38 percent or N22.04 billion over N58.79 billion in the preceding year. Profit before tax (PBT) increased by 146 percent or N12.22 billion to N20.59 billion compared to N8.37 billion in 2022.
It should be recalled that the company’s managing director, Mr. Thabo Mabe at its last annual general meeting for 2022 said NASCON will not rest on its achievements but will move from street to street, market to market, shop to shop and shelf by shelf, introducing its array of products to consumers.
He said that as a company in the fast-moving consumer goods sector, the management team has developed plans and strategies to capture more share in chosen markets and will gradually deploy them in the coming months. This declaration and subsequent follow-up actions reflect in the company’s performance.
In his remarks on the 2023 company results, Thabo Mabe, Managing Director, said: “I am delighted to present robust results for the full year ended 2023, despite high inflation in a challenging macroeconomic landscape. These positive outcomes were bolstered by our robust value proposition, enhanced operational efficiency, and continuous efforts to manage costs. We achieved a 37% growth in revenue, at ₦80.8 billion, while EBITDA surged to ₦23.1 billion, marking a remarkable 104% increase from the previous year. PAT came in at ₦13.7 billion, up 151%.
“As we prioritize delivering value to our shareholders, the Board approved an interim dividend of ₦1.00 and has proposed a bonus issue of 2 shares for every 100 shares held. This decision reflects our commitment to maximizing shareholder value and our aim to reinforce your confidence in Nascon.
“Looking ahead, I am confident our business is well positioned for the next phase of growth, as we continue to deliver unwavering services to our customers.”
NASCON is one of the firms that is known for taking good care of shareholders through consistent payment of dividends. The board and management of NASCON have demonstrated the ability to navigate the harsh operating environment that resulted from the Apapa Wharf gridlock and the downturn in the national economy. While other companies are lamenting and cutting down on production, the company is paying dividends and giving bonus shares which are commendable.
NASCON Allied Industries Plc is a Nigeria-based company that is engaged in the processing of raw salt into refined, edible, and graded salt. The Company’s products include salt and seasoning. Its salt products include refined table salt, pure dried and vacuum (PDV) salt, edible industrial salt, and non-edible industrial salt. The Company’s seasoning product is Dangote Classic Seasoning.
Its flagship product is the Dangote Refined Table salt (Dangote Salt), which is a finely refined product for home/domestic use. Dangote Salt is also suitable for domestic baking and is available in retail packs of 250 grams (g), 500 g, and one-kilogram (KG) sachets.
