NASCON GROWS TURNOVER BY 37%, ASSURES SHAREHOLDERS OF CONTINUOUS GROWTH

NASCON Allied Industries Plc has assured its shareholders of continuous growth and value creation in 2024. The Company gave the assurance at its 2023 Annual General Meeting held yesterday in Lagos.

Speaking to shareholders, the Chairperson of NASCON, Yemisi Ayeni said “amidst the challenges in 2023, the Company achieved commendable operational performance. Our strategic initiatives and proactive measures enabled us to grow in value and profitability.”

She said, “Our turnover for the financial year ended December 31, 2023, grew 37 percent to N80.8 billion, marking a significant increase from the previous year. Profit after Tax also saw an impressive growth of 151 percent to N13.7 billion, reflecting our commitment to operational efficiency and excellence.”

On future plans, Ayeni stated that “as we look ahead, NASCON remains focused on its commitment to health, safety, and environmental sustainability. Despite ongoing challenges in the global and national landscape, we are optimistic about the prospects of our company. The Board and Management are steadfast in our dedication to driving continued growth and innovation while maintaining a steadfast commitment to our stakeholders and communities.”

The Managing Director of NASCON, Thabo Mabe noted that in 2023, the company faced significant business challenges amid Nigeria’s economic challenges, characterised by deteriorating macroeconomic indicators compared to the previous year.

He added that despite the formidable challenges faced in 2023, NASCON remained steadfast in its commitment to stakeholders, prioritising their well-being and maintaining integrity and compliance in all endeavours.

He pointed out that, “in positioning NASCON for sustained growth while maintaining profitability, we have outlined a multifaceted strategy that leverages our strengths, embraces innovation, and prioritises efficiency. By identifying emerging trends and consumer preferences, we can capitalise on untapped opportunities for growth while mitigating risks associated with market saturation.

“Through continuous process optimisation and strategic resource allocation, we seek to enhance productivity and reduce costs, thereby bolstering our bottom line and ensuring long-term sustainability. Also, strategic partnerships and collaborations play a pivotal role in our growth strategy. By forging alliances with industry peers, suppliers, distributors, and other stakeholders, we can access new markets, technologies, and resources that complement our core competencies.

“Through mutually beneficial partnerships, we can accelerate market expansion, drive innovation, and unlock new revenue streams. By aligning our strategic initiatives with our mission and vision, we aim to create sustainable value for all stakeholders while contributing to economic development of the communities in which we operate,” he added.

Also, the shareholders commended the management and board of NASCON for the performance and bonus declared during the financial year review. They approved and authorised the Directors to capitalise such sufficient sums from the amount available for distribution, to members in the proportion of one new ordinary share of 50 kobo for every 50 existing ordinary shares of 50 kobo.

Speaking on behalf of shareholders, Mrs. Shopeju said that “we commended the management for the company performance in 2023. The bonus declared is commendable also.” She urged the Company to do more in 2924, saying, “going forward we expect better dividends in 2024 and robust bottom line for the Company.”