National Salt Company of Nigeria (NASCON) Allied Industries Plc has recorded impressive growth in all performance indicators with profit after tax surging by 84 percent, 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.
NASCON was established as a salt refinery at Ijoko, Ogun State in 1973, as a joint venture between the Federal Military Government of Nigeria and Atlantic Salt & Chemical Inc. of Los Angeles, California, USA.
Analysis of the food seasoning company’s annual report indicated that profit before tax rose significantly by 98 percent, from N4.24 billion to N8.37 billion, representing an increase of N4.12 billion.
Turnover was on the upswing, increasing from N33.28 billion to N58.79 billion, a 77 percent increase compared to 2021. Earnings per share also increased to 206 kobo in 2022 in contrast to 112 kobo in 2021. A total of N2.65 billion is to be paid as dividend compared to N1.06 billion in 2021.
Speaking at the AGM, a shareholder, Mr Tunde Badmus, applauded the management for the impressive performance and efficient running of the company, amid harsh economic environment.
Also speaking, Mr Anthony Omojola, the former National-Coordinator, Independent Shareholders Association of Nigeria, lauded the board and management of NASCON for improved performance and consistency in dividend payment over the years.
While addressing the shareholders on the future, Mrs ‘Yemisi Ayeni, the company’s Chairperson, said that health, safety and environment and sustainability considerations remain major drivers of policy and strategy at NASCON.