NASCON Outlines Multifaceted Strategy for Sustainable Growth, Profitability

May 24, 2024

By Aduragbemi Omiyale

Shareholders of NASCON Allied Industries Plc have been assured sustainable growth and profitability amid the economic challenges in Nigeria.

The Managing Director of NASCON, Mr Thabo Mabe, gave this assurance at the Annual General Meeting (AGM) of the organisation on Wednesday.

He said in 2023, the company faced significant business challenges triggered by deteriorating macroeconomic indicators compared to the previous year.

However, according to him, the firm navigated through the troubled waters and delivered a good operational performance, with turnover increasing in the 2023 fiscal year by 37 per cent to N80.8 billion, and profit after tax expanding by 151 per cent to N13.7 billion.

He noted that NASCON remained steadfast in its commitment to stakeholders, prioritising their well-being and maintaining integrity and compliance in all endeavours.

“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. We can access new markets, technologies, and resources that complement our core competencies by forging alliances with industry peers, suppliers, distributors, and other stakeholders.

“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 the economic development of the communities in which we operate,” Mr Mabe said.

On her part, the Chairman of NASCON, Ms Yemisi Ayeni, said “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.”

Aduragbemi Omiyale

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

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