NASCON Plans New Products to Boost Performance

The management of NASCON Allied Industries Plc last Thursday assured shareholders of higher returns on their investment saying the company would to roll out more products before the end of this year.

When introduced, the new products will enhance the company’s turnover, profitability and ultimately rub-off positively on the shareholders.

Chairperson of the company, Yemisi Ayeni stated these at the annual general meeting (AGM) of the company in Lagos.

According to her, the company recorded a turnover of N18.29 billion for the year ended December 31,2016, representing a 13 per cent increase over the N16.18 billion in the previous year. Profit after tax increased by 15 per cent from N2.11 billion in 2015 to N2.42 billion in 2016, while earnings per share also increased from 79 kobo to 91 kobo. A dividend of 70 kobo was recommended by the board, which the shareholders unanimously approved for payment.

The dividend represented a pay-out ratio of 77 per cent at N1.85 billion, an improvement on the N1.46 billion paid in 2015.

To increase market share and improve efficiency, Ayeni revealed that the company will be “investing in salt packaging and seasoning cubing lines.”

She said in the year under review, while the revenue from the sales of salt increased by 24 per cent to N14.82 billion, sales from seasoning increased by 127 per cent to N0.54 billion.

Also speaking, Executive Director, Commercial, NASCON Allied Industries, Fatima Aliko Dangote assured the shareholders of good returns on their investments, noting that the company is doing so much to enhance their stakes on a consistent basis.

“We are expanding, we are investing on new refinery for our salt and we are also looking at innovations, we are bringing other products that are going to be launched this year. So, hopefully, 2017 will be a better year for the company and also importantly for the shareholders… We placed shareholders interest so high because they have actually trusted us, they have invested in our business and as you can see, regardless of our challenges, we are still able to push really hard and declare profits. We have to take our shareholders very seriously so that they can keep trusting us, and by so doing, more people will keep buying our shares and hold us in high regards,” she said.

The company’s management, led by the Managing Director, Mr. Paul Ferrer had recently paid NAFDAC’s Director-General, Mrs Yetunde Oni a courtesy visit in Lagos, where the company expressed satisfaction at the efforts of the agency leadership to sanitise the food market by getting rid of fake and substandard products and turning the heat on the perpetrators.