Shareholders applaud NASCON mgt, gets 70k dividend

Shareholders of NASCON Allied Industries Plc on Thursday unanimously approved the decision of the company to pay a dividend of 70 kobo per share as against the 55 kobo paid in 2015.

Chairman of the Independent Shareholders Association, Chief Sunny Nwosu, described the board of Nascon as very efficient and focus, urged them not to relent and work more to pay an enhanced dividend and also a bonus to the shareholders in 2017.

According to him: “We are very pleased with this result. Despite the recession, it is a thing of pride to see our company declaring good profits and even paying dividend. We are proud of you and urge you to do more this year. We will honestly appreciate a bonus issue. It has been long you gave the shareholders that.”

Another top shareholder the company, Yinka Salako also thanked the Management for weathering the storm of recession to declaring good profits, noting that the growth plan and strategy as analysed by the Chairperson, Yemisi Ayeni, has shown clearly that the shareholders’ of investment is in a good and capable hand.

Chairperson of the company, Yemisi Ayeni at the Annual General Meeting (AGM), held on Thursday 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. Profit after tax, according to her, increased by 15 per cent from N2.11 billion in 2015 to N2.42 billion, while earnings per share also increased from 79 kobo to 91 kobo. As a sign of stability, the company has N2.45 billion in cash reserves for the year under review.