Shareholders laud NASCON over impressive performance
By JOHNMARK UKOKO
Shareholders of NASCON Allied Industries Plc, a subsidiary of Dangote Industries Limited (DIL) have commended the food seasoning company over its impressive performance in the year ended December 31, 2021 in spite of the harsh economic operating environment just as the company emerged the “Best haulage company of the year.”
Speaking during NASCON’s Annual General Meeting (AGM) in Lagos, a representative of the shareholders, Mrs. Bisi Bakare, said the performance reflected the ability of the company’s management to steer the company through difficult times, especially in the face of lack of power, fluctuating exchange rates regime and consumers’ dwindling purchase power.
She expressed the belief that the overall performance of the company was a reflection of its seven sustainability pillars adopted by NASCON geared towards ensuring that the company connects with all stakeholders.
In her remarks, another shareholder, Mrs. Adetutu Siyanbola, said NASCON Transport team section should be commended as indicated in the financial report, for winning the best haulage company of the year award of the 684 companies that registered for the Road Transport Safety Standardisation Scheme of the Federal Road Safety Corps (FRSC).
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She pointed out that the company has over the years imbibed a culture known for taking care of shareholders through consistent payment of dividend, adding that despite the harsh operating environment occasioned by the global economic downturn, the company still paid a dividend of 40 Kobo per share. Another shareholder Sunny Nwosu, also commended the board and management of NASCON for their ability to declare and pay dividends despite the harsh operating environment, which resulted from the Apapa Warf gridlock and downturn in the nation’s economy.
He said while other companies were lamenting and cutting down on production levels, the company was paying dividend, which he said, was commendable. Responding, Acting Managing Director of NASCON, Thabo Mabe, said the company was not resting on its achievements, but was moving from strength to strength by introducing its array of products to consumers.
He said as a company in the fast-moving consumer goods sector, the management team has initiated plans and strategies to capture more shares in chosen markets and would gradually deploy them in the months ahead.
The company’s annual report for 2021 indicated that profit before tax rose from N3.9 billion to N4.3 billion, while its net profit amounted to N2.97 billion. The National Salt Company of Nigeria (NASCON,) was established as salt refinery entity at Ijoko, Ogun State in 1973 in a joint venture between the then military government and Atlantic Salt and Chemical Incorporated, Los Angeles, California, United States of America (USA).
The company was privatised in 1991 and its shares listed on the Nigerian Stock Exchange in October 1992 through which Dangote Industries acquired majority shares following the reverse takeover of NASCON by Dangote Salt Limited (DSL) in 2007 and acquired the assets, liabilities and business undertaking of DSL. The principal activities of the company include processing raw salt into refined, edible and industrial salt, as well as production of seasonings and vegetable oil.