Shareholders commend NASCON for good performance despite pandemic

*Shareholders of the NASCON Allied Industries Plc have applauded the company for thriving in the Nigerian market despite the effects of COVID-19 pandemic as it wins ‘Haulage Company of the Year’

Isola Moses | ConsumerConnect

Shareholders of NASCON Allied Industries Plc, a subsidiary of Dangote Industries Limited (DIL), have commended the food seasoning company for the company’s  impressive performance in the year ended December 31, 2021.

ConsumerConnect reports the company emerged the best haulage company of the year, having performed well in the last financial year, despite the harsh economic operating environment in Nigeria.

The DIL in a statement Tuesday, June 7, 2022, noted Mrs. Bisi Bakare, a representative of the shareholders who spoke during the NASCON’s Annual General Meeting (AGM) at the weekend in Lagos, said the performance reflected the ability of the Management of NASCON to steer the business organisation through difficult times, especially in the face of lack of power, fluctuating exchange regime, and dwindling purchasing power of consumers in the economy.

Mrs. Bakare also expressed the belief that the overall performance of the company was a reflection of its Seven Sustainability Pillars adopted by NASCON, and which are geared towards ensuring that the company connects with all stakeholders.

Mrs. Adetutu Siyanbola, another shareholder in her remarks said that NASCON Transport Team section should be commended as indicated in the financial report, for winning the best haulage company of the year out of the 684 companies that enrolled for the Road-Transport-Safety-Standardisation-Scheme of the Federal Road Safety Corps (FRSC).

According to Mrs. Siyanbola, the company has over the years imbibed a culture known for taking good care of shareholders through consistent payment of dividends.

She also noted that in spite of the harsh operating environment occasioned by the global economic downturn, NASCON was able to pay a dividend of 40 Kobo per share.

In his comment on the occasion, respected shareholders’ rights activist, Sir Sunny Nwosu, lauded the Board and Management of NASCON for their ability to declare and pay dividends despite the harsh operating environment which resulted from the Apapa Wharf gridlock and the downturn in national economy.

Nwosu stated while other companies are lamenting and cutting down on production, the company is paying dividend, which is commendable.

Mr. Thabo Mabe, Acting Managing Director of NASCON, assured stakeholders that the company would not rest on its achievements but move from street to street, market to market and shop to shop, introducing its array of products to consumers.

The NASCON Acting Managng Director stated that as a company in the fast-moving consumer goods sector, the Management team has developed plans and strategies to boost the company’s market share in chosen markets and will gradually deploy them in the coming months.

The statement further said a peep into NASCON’s annual report for 2021 indicated that Profit Before Tax (PAT), rose from N3.9billion to N4.3billion while net profit was N2.97 billion.

National Salt Company of Nigeria (NACON) was established as a salt refinery at Ijoko, Ogun State, in 1973, in a joint venture between the Federal Military Government of Nigeria and Atlantic Salt & Chemical Inc. of Los Angeles, California, USA.

The Company was privatised in 1991 with its shares listed on the Nigerian Stock Exchange in October 1992, through which Dangote Industries Limited purchased majority shares. Following the reverse takeover of NASCON by Dangote Salt Limited (DSL) in 2007, NASCON acquired the assets, liabilities and business undertakings of DSL.

Principal activities of the company include processing of raw salt into refined, edible and industrial salt. NASCON is also into the production of seasoning and vegetable oil.

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