NASCON Distributes N1.46billion Dividend to Shareholders

Shareholders of NASCON Allied Industries Plc on Thursday, May 19, approved a dividend of N1.46 billion for the year ended December 31, 2015, which translates to 55 kobo per share.

The outgoing Chairman of NASCON,Aliko Dangote, in his address to shareholders at the annual general meeting, AGM, in Lagos,said the dividend was an improvement on the 50 kobo or N1.32 paid in 2014.

According to him, for the 2015 financial year, turnover grew by 43 per cent to N16.2 billion, while profit after tax rose by 11 per cent to N2.1 billion.

“The overall financial stability continued to remain strong with N2.5 billion of cash and its equivalents as reserves. We achieved this by becoming more customer focused, managing our costs and improving our efficiencies,” he said.

Dangote resigned as the chairman of the company as Yemisi Ayeni succeeds him.

In her address, Ayeni said it as an honour to succeed Danote, saying that his passionate and dedicated leadership has re-positioned NASCON as not just undisputed market leader I salt refining and distribution but also a producer of other food-related products.

Ayeni said going forward, the company would continue to invest appropriately in existing and new products lines to achieve its strategy of growing revenues within the context of improved profit margins and enhanced shareholder returns.

“We will ensure we conclude ongoing plant upgrades that will enhance the efficiency of the production lines and guarantee consistently high product standards,” Ayeni said.