NASCON Allied Industries shareholders applaud N1.06bn dividend payout

Kehinde Akinseinde-Jayeoba | Lagos

 

Shareholders of NASCON Allied Industries Plc has applauded the board and management of the company for paying 40 Kobo dividend per 50 kobo share, totalling N1.06 billion.

At the Annual General Meeting (AGM) of the company at the weekend I. Lagos, shareholders unanimously approved the dividend proposed by the board of the company

One of the shareholders at the meeting, Sir Sunny Nwosu, acknowledged that the dividend for the year 2020 was more than that of last year.

He also appreciated the corporate governance structure and the commitment of the management to the affairs of the company, while noting that the reduced borrowing recorded in the company’s financial report was as a good sign.

Nwosu however called for a wider geographical spread of the revenue base, to the East and West of the country.

At the AGM, the company announced an improved turnover of N28.01 billion, representing a two per cent increase from N27.49 billion recorded in the previous year,  despite the economic headwinds generated by the COVID-19 pandemic globally and nationwide.

In its 2020 Annual Report themed ‘Protecting Our Core’, the company, for the financial year ended December 31, 2020 also recorded N2.69 billion in Profit After Tax (PAT), a 46 per cent increase for the year, compared to N1.85 billion in 2019. Earnings per share also increased to N1.02 in 2020 compared to N0.70 in 2019.

The Chairperson, NASCON Allied Industries Mrs ‘Yemisi Ayeni, in her statement, noted that year 2020 was a challenging year for the business and the world in general.

“Yet it was also a year that provided our business the opportunity to review service delivery processes, reposition the salt business based on our additional capacity, and focus on our distribution models. 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”, Ayeni added.

According to the Managing Director, Mr Paul Farrer’s review in the annual report, noted that in terms of market expansion, the company heavily invested in the 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,” he said.

Also, the Executive Director, Commercial, NASCON Allied Industries, Fatima Aliko-Dangote, noted, “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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