Chairperson, NASCON Allied Industries Plc, Mrs Yemisi Ayeni (left), Managing Director: Paul Farrer, and Executive Director, Commercial: Fatima Aliko-Dangote, on the 2017 yearly normal assembly of NASCON Allied Industries Plc, in Lagos.
Shareholders’ laud agency’s 2017 efficiency
To consolidate its efficiency and maintain progress trajectory within the subsequent monetary yr, NASCON Allied Industries has assured shareholders that the agency would prioritise its tomato paste business through the adoption of backward integration process and native sourcing of uncooked supplies.
The Managing Director of the corporate, Paul Farrer, whereas fielding questions from shareholders in the course of the 2017 yearly normal assembly held in Lagos on the weekend, defined that the agency entered into the product class in response to a recognized provide hole inside the Nigerian market the place native manufacturing and imports couldn't successfully meet native demand.
“Tomatoes is on top of our priority, we are looking at backward integration and what we would do concerning the tomato paste going forward. The plants are not producing but we are looking at backward integration option for the past.”
Reviewing its efficiency, the chairperson, Yemisi Ayeni defined that the corporate leveraged its core competencies and operational self-discipline to advance the general business and ship unprecedented returns to shareholders.
As stated by her, an evaluation of the agency’s monetary statements for the yr ended December 2017 confirmed enchancment in all indices. She defined that income elevated from ₦18.2 billion in 2016 to ₦27 billion in 2017, whereas revenue earlier than tax jumped by over 100 % from ₦three.5 billion in 2016 to ₦7 billion.
Profit after tax additionally rose massively from ₦2.4 billion in 2016 to ₦5.3 billion, the largest leap within the final 5 years.“Earnings per share additionally elevated from ₦zero.91 in 2016 to ₦2.02 in 2017 whereas a dividend of ₦three.97 billion permitted on the AGM, amounted to ₦1.50 per share. This represents a 110 % enhance from the ₦zero.70 dividend paid in 2016.
“Salt earnings stay a key driver of income. Revenue from salt comprised 81 % or ₦22.2 billion of the ₦27 billion, largely unchanged from the proportion of revenues it generated in 2016 whereas seasoning generated two % of the revenues.
“NASCON also improved revenue across its geographical locations. Revenue from the eastern part of the country increased from ₦1.1 billion to ₦2.2 billion, the west also moved from ₦5 billion to ₦5.6 billion while the northern part of the country showed the biggest improvement as it jumped from ₦12 billion to ₦19 billion.”
The shareholders, who permitted a dividend of N1.50 kobo per share on the assembly, additionally counseled the board and administration of the corporate for posting good leads to the total yr ended December 31, 2017.
Specifically, the Chairman, Trust Shareholders Association of Nigeria, Alhaji Muktar Muktar counseled the corporate’s efficiency and appreciated the board and administration who labored tirelessly to be sure that shareholders are rewarded with dividends.
As stated by him, a complete income enhance of 48 % within the yr underneath evaluation is a good feat provided that many corporations recorded losses because the home economic system progressively recovers from recession.He also stated that the agency adopted international finest practices in sustaining strategic reserves, which exhibits that the administration cares concerning the future progress and enlargement of the corporate.Another shareholder, John Evitar in his remarks counseled the board and administration on the improved efficiency particularly in constant cost of dividends.