By Ayomide Otitoju
NASCON Allied Industries Plc has attributed its impressive performance for the year 2024 to strategic initiatives, operational efficiency, and innovation, reaffirming its commitment to driving growth and delivering value to shareholders. This was highlighted during the company’s 2024 Annual General Meeting held in Lagos.
At the meeting, shareholders approved a dividend payout of N2 per share for the year ending December 31, 2024. The company’s Chairman, Olakunle Alake, credited the company’s success to a series of strategic initiatives, including enhanced operational efficiencies and a focus on customer satisfaction, which helped expand market presence and drive sales.
“Our performance has been commendable, thanks to our strategic initiatives, operational efficiencies, and the dedication of our workforce. We have successfully expanded our market presence, allowing us to gain new customers and retain the loyalty of existing ones,” Alake said.
He also highlighted the company’s commitment to sustainability, responsible resource use, and community development, noting that the highest dividend ever declared in the company’s history was a reflection of NASCON’s confidence in its future prospects and a reward for loyal shareholders.
Managing Director Thabo Mabe praised the company’s 14% profit growth, reaching N15.6 billion, driven by strong demand for NASCON’s core products. “Our operational efficiencies have improved, positioning us for continued growth,” he said, outlining goals for 2025, including expanding into new markets, enhancing product lines, and focusing on sustainability and workforce development.
For the year ending December 31, 2024, NASCON posted a 49% revenue growth, reaching N120.4 billion. Gross profit grew by 25% to N55.5 billion, EBITDA rose by 19% to N27.4 billion, and profit before tax increased by 15% to N23.7 billion. Profit after tax rose by 14% to N15.6 billion, while earnings per share climbed by 11% to N5.77.
Shareholders expressed their appreciation for the company’s strong performance. Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association, commended the company’s revenue growth and the dividend payout. “Despite macroeconomic challenges, the company delivered impressive results,” she said.
Shareholder Dr. Umar Farouk encouraged management to maintain its momentum, while Mr. Moses Igbrude praised the dividend declaration and expressed hopes for further improvements. New Deputy Managing Director Aderemi Saka noted the company’s resilience in 2024, despite challenging economic conditions, and reaffirmed NASCON’s commitment to maintaining market share and delivering quality products.
Saka concluded, “We will continue to improve shareholder value and remain a strong contender in the market.”
