NASCON Allied Industries Plc shareholders praised the food seasoning company for its impressive performance in the financial year ended December 31, 2021, despite a tough economic environment as the company emerged as the world’s top transportation company. ‘year.
Speaking at NASCON’s Annual General Meeting (AGM) held over the weekend in Lagos, shareholder representative Ms. Bisi Bakare said the performance reflects NASCON management’s ability to steer the business through difficult times, particularly, in the face of lack of power, fluctuating exchange rate regime and diminishing purchasing power of consumers.
She expressed the belief that the company’s overall performance was a reflection of its seven pillars of sustainability adopted by NASCON and which aim to ensure that the company connects with all stakeholders.
Shareholder rights activist Sir Sunny Nwosu praised NASCON’s board and management for their ability to declare and pay dividends despite the difficult operating environment resulting from the Apapa Wharf traffic jam and the downturn in the national economy.
He said that while other companies lamented and cut production, the company was paying a dividend, which is commendable. The President of the company, Mrs. Yemisi Ayeni, explained that the company has been able to overcome the crisis posed by the COVID-19 pandemic and the accompanying unfavorable economic climate due to certain business strategies put in place which have isolated the company from negative effects. of the pandemic
In response, NASCON Acting Managing Director Mr Thabo Mabe said the company was not resting on its achievements but moving from street to street, market to market and store to store, showcasing its range of products to consumers. As a company in the rapidly changing consumer goods industry, he said, the management team has developed plans and strategies to capture more market share in selected markets and will gradually roll them out in the coming months.
In addition, the Group’s Executive Director, Commercial, Hajiya Fatima Aliko Dangote, said that the company has taken advantage of the downturn caused by the pandemic to lay a solid foundation for the company with the construction of the processing plant. peak salt in Apapa and that, going forward, the company would begin to reap the rewards that would ultimately result in higher dividends for shareholders.
A look into NASCON’s annual report for 2021 indicated that profit before tax fell from 3.9 billion naira to 4.3 billion naira while net profit was 2.97 billion naira.
The shares of the National Salt Company of Nigeria listed on the Nigerian Stock Exchange in October 1992, through which Dangote Industries Limited purchased controlling shares.