NASCON’ Shareholders Approve N2.65bn Dividend For 2022

Shareholders of NASCON Allied Industries Plc have approved N2.65 billion dividend for the year ended December 31 3022.

The shareholders have their approval at the company’s 2022 annual general meeting (AGM) held at the weekend in Lagos.

They commended the board and management of NASCON for consistent payment of dividends.

The N2.65 billion, representing N1.00 per share was higher than N1.06 billion or 40 kobo per share declared in the comparative period of 2021.

The company, during the period under review, recorded impressive growth in all performance indicators. Analysis of the food seasoning company’s annual report indicated that profit before tax rose significantly by 98 per cent, from N4.24 billion to N8.37 billion, representing an increase of N4.12 billion.

Turnover was on the upswing, increasing from N33.28 billion to N58.79 billion, a 77 per cent increase compared to 2021. Earnings per share also increased to 206 kobo in 2022 in contrast to 112 kobo in 2021.

Speaking at the AGM, a shareholder, Mr Tunde Badmus, applauded the management for the impressive performance and efficient running of the company, amid harsh economic environment. Badmus appreciated the company for the dividend declared despite the challenging operating environment.

Also speaking, the former national-coordinator, Independent Shareholders Association of Nigeria, Mr Anthony Omojola, lauded the board and management of NASCON for improved performance and declaration of dividend.

Omojola said that the company had remained consistent in dividend payment over the years.

Similarly, the chairperson of the company, Mrs ‘Yemisi Ayeni said, the company, during the period, reduced greenhouse gas emissions by five per cent.

Ayeni said, the company implemented waste reduction programmes and achieved a 28 per cent reduction in hazards and non-hazardous waste generated.

“We have strengthened our relationships with our employees, customers, suppliers, and communities and supported initiatives that promote social well-being,” she said.

On the future, Ayeni said, health, safety and environment and sustainability considerations remain major drivers of policy and strategy at NASCON.

The acting managing director of NASCON, Mr Thabo Mabe, said insecurity, congested ports and poor road infrastructure, unstable power supply along with employee emigration, traffic gridlock and foreign exchange issues contributed to the challenges of doing business in 2022.

Mabe expressed optimism that, “2023 will involve capitalisation on our gains, leading to greater productive efficiency and enhanced resource utilisation in spite of the challenges in 2022.”

Speaking on future plans, he said, the company would continue to embrace strategies that would boost its market share.