NASCON grows turnover by 37%

NASCON Allied Industries Plc for the financial year ended December 31, 2023, grew its turnover by 37 percent to N80.8 billion, a significant increase from the previous year.

Profit after Tax also saw growth of 151 percent to N13.7 billion.

This was made known at its 2023 Annual General Meeting held on Wednesday in Lagos.

Speaking to shareholders at the event, the Chairperson of NASCON, Yemisi Ayeni said “amidst the challenges in 2023, the Company achieved commendable operational performance”, adding, that the company grew in profitability.

On future plans, Ayeni stated that “as we look ahead, NASCON remains focused on its commitment to health, safety, and environmental sustainability. Despite ongoing challenges in the global and national landscape, we are optimistic about the prospects of our company”.

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The Managing Director of NASCON, Thabo Mabe noted that in 2023, the company faced significant business challenges amid Nigeria’s economic challenges, characterised by deteriorating macroeconomic indicators compared to the previous year.

He added that despite the formidable challenges faced in 2023, NASCON remained steadfast in its commitment to stakeholders, prioritising their well-being and maintaining integrity and compliance in all endeavours.

He pointed out that, “Through continuous process optimisation and strategic resource allocation, we seek to enhance productivity and reduce costs, thereby bolstering our bottom line and ensuring long-term sustainability. Also, strategic partnerships and collaborations play a pivotal role in our growth strategy. By forging alliances with industry peers, suppliers, distributors, and other stakeholders, we can access new markets, technologies, and resources that complement our core competencies.

“Through mutually beneficial partnerships, we can accelerate market expansion, drive innovation, and unlock new revenue streams. By aligning our strategic initiatives with our mission and vision, we aim to create sustainable value for all stakeholders while contributing to economic development of the communities in which we operate,” he added.

Also, the shareholders authorised the Directors to capitalise the bonus declared for distribution, to members in the proportion of one new ordinary share of 50 kobo for every 50 existing ordinary shares of 50 kobo.

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