•As Shareholders Applaud 49% Revenue Leap, N2 Dividend Payout
NASCON Allied Industries Plc has announced a historic N2.00 per share dividend following an exceptional financial year marked by bold strategic initiatives and improved operational efficiency.
At its 2024 Annual General Meeting (AGM) held in Lagos, the company presented a strong performance across key metrics, impressing shareholders and industry stakeholders alike.
Addressing the AGM, NASCON Chairman, Mr Olakunle Alake, attributed the company’s outstanding results to a deliberate strategy focused on market expansion, innovation, and operational excellence.
“Our performance has been commendable, a testament to our strategic initiatives, operational efficiencies, and the dedication of our workforce.
“We have successfully expanded our market presence, which has been instrumental in driving sales.
“Our continued focus on customer satisfaction and our commitment to delivering high-quality products have allowed us to gain new customers while retaining the loyalty of existing ones,” Alake said.
In the financial year ended December 31, 2024, NASCON reported a 49% increase in revenue, reaching N120.4 billion.
Gross profit rose by 25% to N55.5 billion, while EBITDA grew by 19% to N27.4 billion. Profit before tax climbed 15% to N23.7 billion, with profit after tax rising by 14% to N15.6 billion.
Earnings per share increased to N5.77, up by 11%, enabling the company to declare its highest dividend in history, double the previous year’s payout.
Chairman Alake stressed the company’s unwavering commitment to growth, saying, “We adopted several strategic initiatives aimed at enabling the Company to take advantage of growth opportunities. We demonstrated our commitment to sustainability by encouraging responsible resource use. We also engaged in community development efforts, alongside numerous employee welfare and development programs.”
He further reassured stakeholders of continued innovation and investment.
“As we move into the new year, our focus remains on innovation, operational efficiency, and stakeholder value. We are committed to investing in our people and technology, and will continue exploring new markets to expand our footprint,” he stated.
Managing Director Thabo Mabe echoed this sentiment, describing 2024 as an “exceptionally positive year” for the company.
“We achieved a profit growth of 14% to N15.6 billion, thanks to strong demand for our core products and our strategic market presence. Our operational efficiencies have improved, enhancing our overall profitability,” Mabe said.
Looking ahead to 2025, Mabe outlined the company’s objectives: “We aim to continue our revenue growth trajectory, expand into new markets, and enhance our product lines.
“Our sustainability efforts will intensify, with an emphasis on reducing carbon emissions.
“Workforce development will also be a key priority, focusing on upskilling and fostering a culture of innovation.”
The meeting also featured glowing commendations from shareholders, who praised the company’s consistent growth and robust dividend payout.
Mrs Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association, lauded the board and management, highlighting the resilience of NASCON amid challenging economic conditions.
“We observed revenue growth of 48.94% to N129.39 billion, up from N18.8 billion. Despite the macroeconomic challenges we faced, profit after tax reached N15.6 billion, up from N13.7 billion.
“I commend the entire board and management for this outstanding result. Additionally, I appreciate the board for declaring a dividend of N2.00. We hope for increased dividends next year,” she said.
Another shareholder, Dr Umar Farouk, urged the company not to rest on its laurels. “This is an impressive trajectory. NASCON must stay the course and even surpass this performance next year,” he remarked.
Mr Moses Igbrude also praised the N2 dividend, expressing optimism about the company’s growth outlook and potential for future returns.
“We are pleased with this year’s results and hope the management continues in this direction,” he said.
Newly appointed Deputy Managing Director, Aderemi Saka, emphasised NASCON’s resilience and agility in navigating a volatile operating environment.
“Despite macroeconomic challenges, we maintained market share and increased our revenue. We’ll continue to deliver quality products, improve shareholder value, and remain a formidable player in the industry,” Saka affirmed.
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