NASCON Attributes 100% Dividend Payout Growth, Higher Profitability To Expansion Drive

NASCON Allied Industries Plc, has attributed significant growth in the dividend payout by 100 per cent to N2 per share and the company’s impressive run during the year, ending December 31, 2024, to the successful expansion of its market base.

The Company said the aggressive expansion led to a significant increase in the company’s sales, with an attendant rise in revenue and profitability.

During the Annual General Meeting, (AGM), held yesterday in Lagos, shareholders approved the proposed dividend payout of N2 per share.

The chairman of the Company, Olakunle Alake identified operational efficiency and strategic initiatives as core elements behind the company’s impressive run during the year.

Alake said, “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.”

He added, “during the year, we adopted several strategic initiatives aimed at enabling the Company to take advantage of growth opportunities.”

Alake noted, “in recognition of this positive performance and our commitment to delivering value to our shareholders, we recommend the highest dividend ever declared in our company’s history. This decision reflects our confidence in the company’s prospects and aims to reward our shareholders for their continued support.”

He emphasized that as the company moves into the year 2025, the primary focus will remain on driving growth through innovation, enhancing operational efficiency, and delivering value to stakeholders.”

The managing director of NASCON, Thabo Mabe, stated that 2024 has been exceptionally positive for the company, stating, “we achieved a profit growth of 14 per cent to N15.6 billion, thanks to strong demand for our core products and our strategic market presence.”

Mabe said; “we optimized strategic opportunities that have positioned us for continued growth. Our operational efficiencies have improved, enhancing our overall profitability.”

For the year 2025, he outlined the primary goals, including continuing the revenue growth trajectory, expanding into new markets, and enhancing product lines.

Also the new deputy managing director of the Company, Aderemi Saka expressed satisfaction that the company demonstrated resilience, with remarkable revenue and strong performance in spite of the fact that the year 2024 was marked with various macroeconomic challenges.

“We maintain our market share and increase our revenue. We will keep our head up, continue to provide quality products that stand the test of time and improve on our shareholders value so that we can remain a strong contender in the market,” Saka stated.

Shareholders commended the company for its impressive financial performance in 2024 and the declared dividend of N2 per share.

For the year ending December 31, 2024, the company reported revenue growth of 49 per cent, reaching N120.4 billion. Profit before tax grew by 15 per cent to N23.7 billion, and profit after tax increased by 14 per cent to N15.6 billion.