NASCON, Dangote subsidiary posts N13 Billion turnover for 2012

By The Citizen

National Salt Company of Nigeria (NASCON), a member of the Dangote Group, has declared its financial results for the year ended December 31, 2012, posting an impressive turnover of N13 billion, indicating a 30 percent growth over its 2011 financial performance.

The Chairman of the company, Alhaji Aliko Dangote, disclosed this during the company's 2012 Annual General Meeting, which held on Thursday,May 6, 2013 at the Muson Centre, Lagos. The chairman further revealed that the operating profit before tax stood at N4 billion while the profit after tax was N2.8 billion showing growth of 25 per cent over 2011 results.

Shareholders who turned up in overwhelming number were full of praises for the management and Board of NASCON for the remarkable financial performance recorded.

The shareholders approved the payment of 90 kobo as dividend for every 50 kobo ordinary share held and described the company's total dividend payout of N2.35billion as acceptable despite mounting challenges facing the industry.

The Chairman while speaking at the event, lamented challenges facing the industry such as infrastructure inadequacies, energy issues, uncoordinated tax administration among others that have largely impacted the manufacturing sector from reaching its full potential. The company was however able to record good financial performance despite these difficulties.

He further assured shareholders of better prospect in 2013 with the commitment of the board and the management to sustaining its leadership in the sector and also expanding investments into other businesses including - seasoning, vegetable oil refining and tomato paste packaging.

The business expansion initiative, which was lauded by shareholders is in line with the company's vision and strategic intent of becoming the frontline foods' business in Nigeria and is to be completed by the end of 2013 financial year.

The chairman on behalf of management and the board expressed his sincere gratitude to shareholders for their unflinching support and assured them of a more rewarding future in years to come.