NASCON targets more market share with new products

As shareholders approve N2.65 billion dividend
NASCON Allied Industries Plc is targeting more market share in the food sector through increased product range and innovation.

Speaking at the company’s yearly general meeting in Lagos, Executive Directior, Fatima Aliko-Dangote, disclosed that management introduced three products in 2018, and would be introducing more products this year, as part of strategies to meet the needs of its varied customer base.

Also, NASCON shareholders approved a total dividend of N2.65 billion, culminating to N1.00 per 50 kobo share due to every investor of the firm for the 2018 financial year.

Aliko-Dangote added that NASCON products are widely accepted in the market due to its consistency in delivering high quality products.

The Managing Director, Paul Farrer, said the company, having demonstrated its resilience in the challenging environment of 2018, is strongly focused on capacity growth and increased market penetration.

According to him, NASCON will leverage on a number of synergies, including improved output in terms of quality, quantity, and business efficiency to deliver value for all stakeholders.

On the new products introduced in 2018, he said: “We launched the Dangote stew mix, Dangote curry and Dangote classic seasoning. These three products are part of a wider product enrichment plan to diversify our products portfolio. The products were specifically developed to meet and surpass the needs of our consumers across the country.

“Each of these products has been tailored to suit the local taste, and cooking habits of the different regions in Nigeria. We would continue to differentiate ourselves in our product category by consistently delivering high quality, nutritious products.  Shareholders at the meeting, approved a total applauded the board and management for enhancing their value on investment through robust dividend payout, amid harsh operating environment.

Specifically, a shareholder, Olagoke Olusegun, commended the management for the smooth running of the company as well as the composition of the board, and its good synergy with management.

He also tasked the management to pay more attention to the welfare of the staff, who are key to the company’s performance, and charged management to adhere to best operating guidelines to avoid regulatory sanctions.

The Founder, Independence Shareholders Association, Sir Sunny Nwosu, also lauded the board and management for their ability to pay dividend despite the harsh operating environment occasioned by the consistent Apapa-Wharf traffic gridlock and the downturn in the economy.

He added that while other companies are lamenting and cutting down production, NASCON has been paying dividend consistently over the years.

The President, Pragmatic Shareholders Association, Mrs. Bisi Bakare, equally commended the quality of the product mix, which is garnering more market share, and lauded the dividend policy, and consistence in for the past 11years.