NASCON Allied Industries Plc has attributed its impressive financial performance for the 2024 financial year and a 100 per cent increase in dividend payout to its aggressive market expansion strategy and operational efficiency.
At the company’s Annual General Meeting (AGM) held Thursday in Lagos, shareholders approved a dividend of N2.00 per share — the highest in NASCON’s history — up from N1.00 paid the previous year.
Chairman of NASCON, Mr. Olakunle Alake, said the company’s strategic initiatives, focus on customer satisfaction, and drive for operational efficiency were key to the 14% growth in profit after tax, which rose to N15.6 billion.
“Our performance is a testament to the dedication of our workforce and our deliberate expansion drive which helped us grow our market presence and revenue base,” Alake stated.
“We also made strides in sustainability, employee development, and community engagement — all of which reflect our commitment to long-term value creation.”
Managing Director, Mr. Thabo Mabe, disclosed that revenue for the year ended December 31, 2024, rose by 49% to N120.4 billion, while gross profit increased by 25% to N55.5 billion. Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 19% to N27.4 billion, and earnings per share climbed 11% to N5.77.
Mabe added that NASCON plans to sustain this growth by investing in product innovation, market expansion, and sustainability initiatives, including reducing carbon emissions and upskilling its workforce.
Shareholders applauded the company’s performance. Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association, lauded the board for “delivering strong results despite economic headwinds,” noting the revenue increase and improved dividend.
Other shareholders, including Dr. Umar Farouk and Mr. Moses Igbrude, echoed similar sentiments and encouraged the management to maintain the momentum.
Newly appointed Deputy Managing Director, Mr. Aderemi Saka, expressed confidence in the company’s resilience and reiterated NASCON’s commitment to quality, shareholder value, and market leadership.
“With this solid foundation, we are well-positioned to thrive even amid macroeconomic challenges,” Saka said.
