NASCON Allied Industries Grow Profit by 151% to N13.73bn, Declares Dividend

Kayode Tokede

NASCON Allied Industries has gained more market share even as its profit after tax (PAT) rose by 151 per cent 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.

At the Annual General Meeting held on in 2023, the shareholders approved that dividend of 100 kobo per ordinary share amounting to N2.649 billion be paid to shareholders for the year ended 31 December 2022.

The management proposed two new ordinary shares of 50 kobo to every 100 existing ordinary shares, subject to the appropriate approvals.

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. 

In his remarks on the 2023 company results, Mabe in a statement 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.”