• Fri. Sep 29th, 2023

NASCON reports impressive return on investment, despite pandemic

ByBassey Udo

Jun 5, 2022



L-R: Chairperson, NASCON Allied Industries Plc, ‘Yemisi Ayeni; Acting Managing Director, NASCON Allied Industries Plc, Thabo Mabe, and Executive Director, Commercial, NASCON Allied Industries Plc, Fatima Aliko Dangote, at the 2021 Annual General Meeting (AGM) of NASCON Allied Industries Plc in Lagos on Friday.

Despite the harsh operating business environment in the country as a result of the negative impact of the COVID-19 pandemic, NASCON Allied Industries Plc, a subsidiary of Dangote Industries Limited (DIL), still reported impressive return on investment for 2021.

The shareholders of the company have hailed the food seasoning company over its impressive performance in the year ended December 31, 2021, which saw the company emerging the best haulage company of the year.

At NASCON’s Annual General Meeting (AGM) held at the weekend in Lagos, a representative of the company’s shareholders, Bisi Bakare, said its performance reflected the ability of the management of NASCON to steer the company through difficult times, especially in the face of lack of adequate supply of electricity, fluctuating foreign exchange regime and dwindling purchasing power of consumers.

Bakare expressed the belief that the overall performance of the Company was a reflection of its seven sustainability pillars adopted by NASCON geared towards ensuring the company connected with all its stakeholders.

Another shareholder, Adetutu Siyanbola, in her remarks said that NASCON Transport Team section should be commended for its output, as indicated in the financial report, particularly for winning the best haulage company of the year out of the 684 companies that enrolled for the Road-Transport-Safety-Standardization-Scheme of the Federal Road Safety Corps (FRSC).

Siyanbola pointed out that over the years the company imbibed the culture of taking good care of shareholders through consistent payment of dividends to customers despite the harsh operating environment occasioned by the global economic downturn.

Despite the poor economic climate, the company still approved and paid a dividend of 40 kobo per share to its investors.

The shareholders’ rights’ activist, Sunny Nwosu, also commended the company for its performance, and lauded the board and management of NASCON for their ability to declare and pay dividends, despite the harsh operating environment.

Nwosu said while other companies were lamenting and cutting down on production, the company was paying a dividend, which he said was highly commendable.

The acting Managing Director, NASCON, Thabo Mabe, said the company was not resting on its achievements, but moving from street to street, market to market and shop to shop, to introduce its array of products to consumers.

He said as a company in the fast-moving consumer goods sector, the management team has already developed plans and strategies to capture more share in chosen markets and would gradually deploy them in the coming months.

A review of NASCON’s annual report for 2021 showed the company’s profit before tax rose from N3.9 billion to N4.3 billion, while net profit was N2.97 billion.

National Salt Company of Nigeria (NASCON) was established as a salt refinery at Ijoko, Ogun State in 1973, in a joint venture between the Federal Military Government of Nigeria and Atlantic Salt & Chemical Inc. of Los Angeles, California, USA.

In 1991, the company was privatised, with its shares listed on the Nigerian Stock Exchange in October 1992, through which Dangote Industries Limited purchased majority shares.

Following the reverse takeover of NASCON by Dangote Salt Limited (DSL) in 2007, NASCON acquired the assets, liabilities and business undertakings of DSL.

Principal activities of the company include processing of raw salt into refined, edible and industrial salt. NASCON is also into the production of seasoning products and vegetable oil.

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