NASCON Shareholders to Get N1 Dividend, Bonus Shares

By Aduragbemi Omiyale

Shareholders of NASCON Allied Industries Plc will receive a cash dividend of N1 per share and bonus shares for the 2023 financial year, the board of the leading food seasoning manufacturer has disclosed.

The chief executive of the firm, Mr Thabo Mabe, stated that the decision to pay the dividend and bonus shares was because the organisation values the investments of shareholders.

“As we prioritise delivering value to our shareholders, the board approved a dividend of N1.00 and has proposed a bonus issue of two shares for every 100 shares held.

“This decision reflects our commitment to maximizing shareholder value and our aim to reinforce your confidence in NASCON,” he said.

In the 2023 fiscal year, the company improved its revenue by 38 per cent to N80.83 billion from N58.79 billion in 2022, while its profit before tax (PBT) rose by 146 per cent to N20.59 billion from N8.37 billion, with its profit after tax (PAT) growing by 151 per cent to N13.73 billion from N5.47 billion.

Reacting to the performance of the firm in the year under review, Mr Mabe said, “Despite high inflation in a challenging macroeconomic landscape,” NASCON delivered “robust results for the full year.”

“These positive outcomes were bolstered by our robust value proposition, enhanced operational efficiency, and continuous efforts to manage costs.

“We achieved a 37 per cent growth in revenue, at N80.8 billion, while EBITDA surged to N23.1 billion, marking a remarkable 104 per cent increase from the previous year. PAT came in at N13.7 billion, up 151 per cent.”

“Looking ahead, I am confident our business is well positioned for the next phase of growth, as we continue to deliver unwavering services to our customers,” he added.

Recall that at the Annual General Meeting (AGM) of the firm for the 2022 accounting held last year, Mr Mabe assured shareholders his team would aggressively market its products by going from street to street, market to market, shop to shop and shelf by shelf.

According to him, the management team has developed plans and strategies to capture more share of the market and will gradually deploy them in the coming months.