NASCON Allied Industries Plc. on Thursday assured its shareholders of continuous growth and value creation in 2024.
The company gave the assurance at its 2023 Annual General Meeting(AGM) held in Lagos.
Ms Yemisi Ayeni, Chairperson of NASCON, said that in spite of the challenges in 2023, the company achieved commendable operational performance.
Ayeni noted that the company’s strategic initiatives and proactive measures enabled it to grow in value and profitability.
She said, “Our turnover for the financial year ended Dec. 31, 2023, grew 37 per cent to N80.8 billion, marking a significant increase from the previous year.
“NASCON’s Profit After Tax also saw an impressive growth of 151 per cent to N13.7 billion in the year 2023, reflecting our commitment to operational efficiency and excellence,” she said.
On the company’s plans, Ayeni stated that NASCON remains focused on its commitment to health, safety, and environmental sustainability.
NCDMB receives N450m interim dividend from Waltersmith modular refinery
The chairperson said despite ongoing challenges in the national and global landscape, it is optimistic about the prospects of the company.
She noted that the Board and Management of the firm have been steadfast and dedicated to continued growth and innovation while sustaining
commitment to its stakeholders and communities.
The Managing Director of NASCON, Mr Thabo Mabe disclosed that in 2023, the company faced significant challenges characterised by deteriorating macro-economic indicators when compared to the previous year.
Mabe noted that despite the challenges, NASCON remained steadfast in its commitment to stakeholders, prioritising their well-being and maintaining integrity and compliance in all endeavours.
He stated that in positioning NASCON for sustained growth and profitability, the company’s leadership had outlined a multi-faceted strategy that leverages its strength, innovation, and efficiency.
According to him, by identifying emerging trends and consumer preferences, the company relied on untapped opportunities for growth while mitigating risks associated with market saturation to ensure growth and value creation.
“Through continuous process optimisation 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,” he said.
The managing director stated that through mutually beneficial partnerships, the firm could accelerate market expansion, drive innovation, and unlock new revenue streams.
Meanwhile, shareholders of the company commended the management and board for the performance and bonus declared during the financial year under review.
The stakeholders consequently approved and authorised the Board of Directors to capitalise and distribute one new ordinary share of 50 kobo for every existing ordinary share at 50 kobo each.
Speaking on behalf of shareholders, Mrs Bisi Bakare President, Pragmatic Shareholders Association of Nigeria, commended the company’s performance in 2023, while urging it to do more in 2024.
“Going forward we expect better dividends in 2024 and a robust bottom line for the company,” Bakare said.
