NASCON Assures Shareholders of Continuous Value Creation

NASCON Allied Industries Plc has assured its shareholders of continuous growth and value creation in 2024 and years beyond.

Speaking to shareholders, the Chairperson of NASCON, Yemisi Ayeni, gave the assurance at the annual general meeting of the company held in Lagos yesterday,  said “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: “Our turnover for the financial year ended December 31, 2023, grew 37 per cent to N80.8 billion, marking a significant increase from the previous year. Profit after tax also saw an impressive growth of 151 percent to N13.7 billion, reflecting our commitment to operational efficiency and excellence.”

On future plans, Ayeni stated that “as we look ahead, NASCON remains focused on its commitment 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.”

Also speaking, the Managing Director of NASCON, Thabo Mabe noted that in 2023, the

company faced significant business challenges amid Nigeria’s economic

challenges, characterised by deteriorating macroeconomic indicators

compared to the previous year.

He added that despite the formidable challenges faced in 2023, NASCON

remained steadfast in its commitment to stakeholders, prioritising

their well-being and maintaining integrity and compliance in all

endeavours.

He pointed out that, “in positioning NASCON for sustained growth while

maintaining profitability, we have outlined a multifaceted strategy

that leverages our strengths, embraces innovation, and prioritises

efficiency. By identifying emerging trends and consumer preferences,

we can capitalise on untapped opportunities for growth while

mitigating risks associated with market saturation.

“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.

“Through mutually beneficial partnerships, we can accelerate market

expansion, drive innovation, and unlock new revenue streams. By

aligning our strategic initiatives with our mission and vision, we aim

to create sustainable value for all stakeholders while contributing to

economic development of the communities in which we operate,” he

added.

Meanwhile,  the shareholders commended the management and board of NASCON

for the performance and bonus declared during the financial year

review. They approved and authorised the directors to capitalise such

sufficient sums from the amount available for distribution, to members

in the proportion of one new ordinary share of 50 kobo for every 50

existing ordinary shares of 50 kobo.