NASCON grows turnover by 37%

NASCON Allied Industries Plc. has assured its shareholders of continuous growth and value creation in 2024.

The company gave the assurance at its 2023 Annual General Meeting held yesterday in Lagos.

Speaking to shareholders, the Chairperson of NASCON, Yemisi Ayeni, said, “Amidst the challenges in 2023, the company achieved commendable operational performance. Our strategic initiatives and proactive measures enabled us to grow in value and profitability.

“Our turnover for the financial year ended December 31, 2023, grew 37 per cent to N80.8 billion, marking a significant increase from the previous year. Profit after Tax also saw an impressive growth of 151 per cent to N13.7 billion, reflecting our commitment to operational efficiency and excellence.”

On future plans, Ayeni stated that, “As we look ahead, NASCON remains focused on its commitment to health, safety, and environmental sustainability. Despite ongoing challenges in the global and national landscape, we are optimistic about the prospects of our company. The board and management are steadfast in our dedication to driving continued growth and innovation while maintaining a steadfast commitment to our stakeholders and communities.”

The Managing Director of NASCON, Thabo Mabe, noted that in 2023, the company faced significant business challenges amid Nigeria’s economic challenges, characterised by deteriorating macroeconomic indicators compared to the previous year.

He pointed out that, “In positioning NASCON for sustained growth while maintaining profitability, we have outlined a multifaceted strategy that leverages our strengths, embraces innovation, and prioritises efficiency. By identifying emerging trends and consumer preferences, we can capitalise on untapped opportunities for growth while mitigating risks associated with market saturation.”

Also, the shareholders commended the management and board of NASCON for the performance and bonus declared during the financial year review. They approved and authorised the directors to capitalise such sufficient sums from the amount available for distribution, to members in the proportion of one new ordinary share of 50 kobo for every 50 existing ordinary shares of 50 kobo.