Nascon Allied Industries Plc reported profit before tax growth of 12 per cent in the first half (H1), ended June 30, 2018. The company’s results released yesterday on the Nigerian Stock Exchange (NSE) showed that profit before tax grew by 12.40 per cent to N3.24 billion from N2.88 billion.
Also profit after tax rose by 12.40 per cent to N1.96 billion from N2.2 billion in the period under review, while earnings per share increased by 12.16 per cent to N1.66 from N1.48.
The company revenue went up to N12.82 billion as against N12.72 declared in the previous year, 2017, cost of sales went down to N8.66 billion from N8.73 billion, leading to gross profit of N4.16 billion from N3.996 billion, representing an increase of 4.17 per cent.
Investment income stood at N354.015 million from N86.502 million, while administrative expenses rose by 14.66 per cent from N808.696 million to N927.291 million in 2018.
The company grew its total assets by 23.43 percent to N29.891 billion as against N24.217 billion in H1, 2017, while shareholders fund up by 19.78 per cent to N9.762 billion from N8.15 billion in 2017.
The managing director of the Nascon Allied Industries, Paul Farrer at the company 2017 annual general meeting held in Lagos, recently said that it will remain strongly focused on growth and would be leveraging on a range of opportunities within the business to build scale across its brands.
According to him, we will continue to leverage synergies and enhance efficiencies across the business operations to curtail costs, product innovation and improvement in our seasoning business.
He noted that “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,” he said.
The executive director, Commerce of Nascon Allied Industries, Fatima Aliko-Dangote said the company will continue to increase its capacity production, saying that the company will bring in two machines for production this year that will enable increased in its production capacity and available of the products in the market.
Nascon Allied Industries is Nigeria’s leading refiner and distributor of household, food processing and industrial salt with installed production capacity of 567,000 metric tonnes per annum. National Salt Company of Nigeria was established in 1973 and privatized in 1991 with its shares listed on the Nigerian Stock Exchange (NSE) in October 1992, through which Dangote Industries Limited purchased majority shares in the company.