NASCON Allied Industries Plc has declared to pay N1 billion dividend to shareholders for the 2020 financial year as it expects revenue to increase with its new salt refinery.
According to a statement, the company held its 2020 Annual General Meeting in Lagos at the weekend where the management announced an improved turnover of N28.01bn, representing a two per cent increase on the N27.49bn recorded in 2019.
In its 2020 Annual Report themed: “Protecting Our Core”, the company recorded N2.69bn in Profit After Tax (PAT), a 46 per cent increase compared to N1.85bn in 2019. Earnings per share also increased to N1.02 in 2020 compared to N0.70 in 2019.
The board of NASCON Allied Industries, at the meeting convened by the Chairperson, Mrs Yemisi Ayeni, also recommended a dividend payment of N0.40 per 50 kobo share, totalling N1.06bn, which was put to vote and passed by the shareholders and proxies.
She said, “It is the long-standing trust and loyalty of our shareholders that has allowed us to implement our long-term vision and benefit from the resilience it brings.”
The Managing Director, Mr Paul Farrer’s, in the review of the annual report, said: “In terms of market expansion, we have heavily invested in our new salt refinery. This is a state-of-the-art refinery plant, using best practices to produce high-quality products for our discerning customers. The future for NASCON looks very bright. We have installed our new salt refinery and as a result, established a strong platform for future growth.”
The Executive Director, Commercial, NASCON Allied Industries, Fatima Aliko-Dangote, noted that, “The COVID-19 restrictions affected our route-to-market, but we are constantly engaging customers to improve our productivity. Although the bulk of our volume is consumed in the North, our investment in the new salt refinery will increase our productivity and our coverage of the other regions.”
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