Nascon records 84% increase in profit

NASCON Allied Industries Plc. recorded impressive growth in all performance indicators in the year ended December 31, 2022, with profit after tax surging by 84 per cent, from N2.97 billion to N5.47 billion.

Shareholders at the company’s 2022 annual general meeting (AGM) held at the weekend in Lagos commended the board and management of NASCON for consistent payment of dividends.

The shareholders at the meeting approved the payment of N1 per 50k share totalling N2.65 billion recommended by the board.

Analysis of the food seasoning company’s annual report indicated that profit before tax rose significantly by 98 per cent, from N4.24bn to N8.37bn, representing an increase of N4.12bn.  

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Turnover was on the upswing, increasing from N33.28 billion to N58.79bn, a 77 per cent increase compared to 2021. 

Speaking at the AGM, a shareholder, Mr Tunde Badmus, applauded the management for the impressive performance and efficient running of the company, amid a harsh economic environment.

Addressing the shareholders, Mrs ‘Yemisi Ayeni, the company’s chairperson, said health, safety and environment and sustainability considerations remain major drivers of policy and strategy at NASCON.”