NASCON Allied Industries Plc Promises Continuous Growth and Value Creation in 2024
By Patience Ikpeme
NASCON Allied Industries Plc has reassured its shareholders of continued growth and value creation for the year 2024.
This commitment was made during the company’s 2023 Annual General Meeting held yesterday in Lagos.
At the meeting, NASCON’s Chairperson, Yemisi Ayeni, highlighted the company’s remarkable performance in 2023 despite numerous challenges. “Amidst the challenges in 2023, the Company achieved commendable operational performance. Our strategic initiatives and proactive measures enabled us to grow in value and profitability,” she said.
Ayeni revealed that the company’s turnover for the financial year ending December 31, 2023, grew by 37 percent to N80.8 billion, a significant increase from the previous year. Additionally, the company’s profit after tax surged by 151 percent to N13.7 billion, showcasing NASCON’s commitment to operational efficiency and excellence.
Looking ahead, Ayeni assured shareholders of NASCON’s dedication to health, safety, and environmental sustainability. “Despite ongoing challenges in the global and national landscape, we are optimistic about the prospects of our company. The Board and Management are steadfast in our dedication to driving continued growth and innovation while maintaining a steadfast commitment to our stakeholders and communities,” she stated.
NASCON’s Managing Director, Thabo Mabe, addressed the significant business challenges faced in 2023, including Nigeria’s economic difficulties characterized by deteriorating macroeconomic indicators. Despite these obstacles, Mabe emphasized NASCON’s unwavering commitment to stakeholders, ensuring their well-being and upholding integrity and compliance in all operations.
Mabe outlined a multifaceted strategy aimed at positioning NASCON for sustained growth and profitability. This strategy includes leveraging strengths, embracing innovation, and prioritizing efficiency. By identifying emerging trends and consumer preferences, NASCON aims to capitalize on untapped growth opportunities while mitigating risks associated with market saturation.
“Through continuous process optimization and strategic resource allocation, we seek to enhance productivity and reduce costs, thereby bolstering our bottom line and ensuring long-term sustainability. Also, strategic partnerships and collaborations play a pivotal role in our growth strategy. By forging alliances with industry peers, suppliers, distributors, and other stakeholders, we can access new markets, technologies, and resources that complement our core competencies,” Mabe explained.
Shareholders expressed their appreciation for NASCON’s performance and the declared bonus during the financial year. They approved and authorized the Directors to capitalize sufficient sums from the amount available for distribution, in the proportion of one new ordinary share of 50 kobo for every 50 existing ordinary shares of 50 kobo.
Speaking on behalf of the shareholders, Mrs. Shopeju commended the management for the company’s performance in 2023 and the bonus declared. “We commend the management for the company’s performance in 2023. The bonus declared is commendable also,” she said, urging the company to aim for better dividends and a robust bottom line in 2024.
