By Modupe Gbadeyanka
The management of NASCON Allied Industries Plc has said plans are underway to increase the variety of products of the company this year.
At the Annual General Meeting (AGM) of the company yesterday, Managing Director of NASCON, Mr Paul Farrer, said last year, the firm, a subsidiary of the Dangote Industries Limited, introduced three new products into the market.
He said this helped the company perform well, demonstrating resilience in the challenging environment.
Mr Farrer said this year; more products would be introduced to the market as part of efforts to increase market penetration.
“In 2018, 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 product portfolio,” he said.
During the 2018 financial year, the managing director said the company achieved sales volume of 397,561 metric tonnes in 2018, with revenue of N25.77bn and earnings before interest, taxes, depreciation and amortisation of N7.95 billion and a profit before tax of N6.45 billion with a 25 percent margin.
Corroborating Mr Farrer, Chairman of NASCON, Ms ’Yemisi Ayeni, assured that the company will retain its focus in implementing a sustainable expansion strategy in a bid to increase its market share in the food sector.
“In a bid to deliver on our commitment to continuous value creation and retention of our position as market leader in our core business,” she said.
“In 2019, we remain positive about our business, and we will retain our focus on implementing a sustainable expansion strategy. During the year, we would continue to drive new seasoning products, whilst constantly engaging our shareholders.
“In respect of our core salt business, we are excited about our significant investment in expanding our refined capacity while leveraging on our brand dominance. This capacity would be focused on driving volumes in both the sachet and corporate segments of the market,” she added.
Also echoing the views of Mr Farrer and Ms Ayeni, the Executive Director in charge of Commercial at NASCON, Ms Fatima Aliko-Dangote, said the company would introduce more products this year as part of strategies to meet the needs of its diverse customer base.
She described NASCON products as widely accepted in the market, saying the company introduced three new products in 2018, which have been accepted by consumers.
