Giant leap for NASCON: Dangote subsidiary posts N13 billion turnover

Posted by News Express | 7 June 2013 | 3,603 times

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National Salt Company of Nigeria (NASCON), a member of the Dangote Group, has declared its financial results for the year ended December 31, 2012, posting an impressive turnover of N13 billion, indicating a 30 percent growth over its 2011 financial performance.

Alhaji Aliko Dangote, NASCON Chairman and President/CEO of Dangote Group, disclosed this during the company’s 2012 Annual General Meeting, held yesterday at Muson Centre, Lagos, South-West Nigeria. He also revealed that NASCON’s operating profit before tax stood at N4 billion while profit after tax was N2.8 billion, showing growth of 25 per cent over 2011 results.

Shareholders who turned up in overwhelming numbers for the AGM were full of praises for the management and Board of NASCON for the remarkable financial performance.

They approved the payment of 90 kobo as dividend for every 50 kobo ordinary share held and described the company’s total dividend payout of N2.35billion as acceptable despite mounting challenges facing the industry.

Dangote in his speech at the event lamented challenges facing the industry such as infrastructure inadequacies, energy issues, uncoordinated tax administration, among others, that have largely impacted the manufacturing sector from reaching its full potential. He expressed happiness that NASCON was able to record a good financial performance despite these difficulties.

The NASCON Chairman assured shareholders of better prospect in 2013 with the commitment of the board and the management to sustaining its leadership in the sector and also expanding investments into other businesses including – seasoning, vegetable oil refining and tomato paste packaging.

Shareholders lauded the business expansion initiative, which is in line with the company’s vision and strategic intent of becoming the frontline foods’ business in Nigeria and is to be completed by the end of 2013 financial year.

Dangote on behalf of management and the board expressed sincere gratitude to shareholders for their unflinching support and assured them of a more rewarding future in years to come.

Photo shows Company Chairman, Alhaji Aliko Dangote.


Source: News Express

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