NASCON to increase shareholders’ value through products roll-out
• Shareholders approve firm’s N1.46b dividend
As part of its commitment to enhance shareholders’ value through robust dividend payout, NASCON Plc has announced plans to roll out more products before the end of the current financial year.
The products, when introduced, according to the Chairperson of the company, Yemisi Ayeni, would enhance the company’s turnover, profitability and ultimately increase shareholders’ value on investment.
Addressing shareholders during the company’s yearly general held in Lagos at the weekend, Ayeni, explained that the company recorded a turnover of N18.29 billion, representing a 13 per cent increase over the N16.18 billion in the previous year.
Similarly, its profit after tax rose by 15 per cent from N2.11 billion in 2015 to N2.42 billion, while earnings per share also increased from 79 kobo to 91 kobo. The company posts N2.45 billion in cash reserves for the year under review.
Consequently, the shareholders unanimously approved a total dividend of N1.46 billion dividend, translating to 70 kobo per share due to every investor of the firm for the 2016 financial year.
To increase market share and improve efficiency, Ayeni revealed that the company would invest heavily in salt packaging and other seasoning cubing lines.
According to her, while the revenue from the sales of salt increased by 24 per cent to N14.82 billion, sales from seasoning increased by 127 per cent to N54 million during the period under review.
The Executive Director, Commercial, Fatima Aliko Dangote, also assured the shareholders of good returns on their investments, noting that the company was doing so much to enhance their stakes on a consistent basis.
According to her, “We are expanding, we are investing on new refinery for our salt, and we are also looking at innovations; we are bringing other products that are going to be launched this year. So, hopefully, 2017 will be a better year for the company and also importantly for the shareholders.
“We place shareholders interest so high because they have actually trusted us, they have invested in our business and as you can see, regardless of our challenges, we are still able to push really hard and declare profits. We have to take our shareholders very seriously so that they can keep trusting in us, and by so doing, more people will keep buying our shares and hold us in high regard.”
The company’s management, led by the Managing Director, Paul Ferrer, recently paid a courtesy visit to the NAFDAC’s Director-General, Mrs Yetunde Oni, in Lagos.
Ferrer had expressed satisfaction at the efforts of the agency to sanitise the food market by getting rid of fake and substandard products, and turning the heat on the perpetrators, adding that the efforts had impacted on the market.