NASCON Allied Industries declares 151% profit growth

By Peter Egwuatu
Leading food seasoning manufacturer, NASCON Allied Industries has gained more market share even as its Profit After Tax (PAT) rose by 151 percent to N13. 73 billion for the financial year ended December 31, 2023.
A review of the company’s 2023 annual results and accounts indicated that profit after tax rose by N8.26 billion over N5.47 billion recorded in 2022. The company earned a revenue of N80.83 billion, which represents 38 percent or N22.04 billion over N58.79 billion in the preceding year. Profit Before Tax (PBT) increased by 146 percent or N12.22 billion to N20.59 billion compared to N8.37 billion in 2022.
It should be recalled that the company’s managing director, Mr. Thabo Mabe at its last annual general meeting for 2022 said NASCON will not rest on its achievements but will move from street to street, market to market, shop to shop and shelf by shelf, introducing its array of products to consumers. He said that as a company in the fast-moving consumer goods sector, the management team has developed plans and strategies to capture more share in chosen markets and will gradually deploy them in the coming months. This declaration and subsequent follow-up actions reflect in the company’s performance.
In his remarks on the 2023 company results, Thabo Mabe, Managing Director, said: “I am delighted to present robust results for the full year ended 2023, despite high inflation in a challenging macroeconomic landscape. These positive outcomes were bolstered by our robust value proposition, enhanced operational efficiency, and continuous efforts to manage costs. We achieved a 37% growth in revenue, at N80.8 billion, while EBITDA surged to N23.1 billion, marking a remarkable 104% increase from the previous year. PAT came in at N13.7 billion, up 151%.
As we prioritize delivering value to our shareholders, the Board approved an interim dividend of N1.00 and has proposed a bonus issue of 2 shares for every 100 shares held. This decision reflects our commitment to maximizing shareholder value and our aim to reinforce your confidence in Nascon.
Looking ahead, “I am confident our business is well positioned for the next phase of growth, as we continue to deliver unwavering services to our customers”Mabe added.