NASCON Allied Industries declares dividend, bonus as profit grows by 151%

Leading food seasoning manufacturer 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 N8.26bn over N5.47bn recorded in 2022.

The company earned revenue of N80.83bn, which represents 38 percent or N22.04bn over N58.79bn in the preceding year. Profit before tax (PBT) increased by 146 percent or N12.22bn to N20.59bn compared to N8.37bn in 2022.

In his remarks on the 2023 company results, the company’s managing director, Mr Thabo Mabe Mabe said: “I am delighted to present robust results for the full year ended 2023, despite high inflation in a challenging macroeconomic landscape.

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“These positive outcomes were bolstered by our robust value proposition, enhanced operational efficiency, and continuous efforts to manage costs. We achieved a 37 per cent growth in revenue, at N80.8bn, while EBITDA surged to N23.1bn, marking a remarkable 104 per cent increase from the previous year. PAT came in at N13.7bn, up 151 per cent.

“As we prioritise delivering value to our shareholders, the Board approved an interim dividend of N1.00 and has proposed a bonus issue of two shares for every 100 shares held. This decision reflects our commitment to maximising shareholder value and our aim to reinforce your confidence in Nascon.”

He said looking ahead; their business is well positioned for the next phase of growth, as they continue to deliver unwavering services to their customers.