Nascon & Allied Plc said it recorded a net profit of N2.2 billion for the first half of the year 2018.
The result is a positive result because it recorded N1,9 billion profit within the same period last year.
Gross revenue for the period fell to N12.8 billion compared to N12.7 billion reported last year.
From the company’s profit & loss figures, the salt producing company had reported N86.5 million in H1 2017.
With significant increase in investment income, the company profit closed H1 2018 at N2.2 billion from N1.96 billion reported in H1 2017.
Profit before tax also increased by 12.4 per cent to N3.2 billion from N2.8 billion reported in H1 2017 while revenue rose marginally by 0.7 per cent to N12.8 billion from N12.7 billion reported in H1 2017.
The Shareholders of NASCON Allied Industries, a subsidiary of Dangote Industries Limited, early this year approved the N3.97 billion dividend recommended for the year ended December 2017.
The dividend, which translates to 150 kobo per share, was approved by shareholders of the company this year.
The Chairperson of the company, Mrs. Yemisi Ayeni said the 150 kobo dividend represented a significant improved from 2016 when 70 kobo was paid, totally N1.85 billion.
According to her, through intense focus and operational discipline, the company delivered unprecedented returns in its salt segment and also increased sales posted in the highly competitive seasoning market.
Ayeni said the revenue increased from N18.2 billion in 2016 to N27 billion in 2017. Profit before tax jumped by over 100 per cent from N3.5 billion in 2016 to N7 billion, while profit after tax rose 121 per cent from N2.4 billion in 2016 to N5.3 billion.
She explained that they leveraged on their core competencies, operated flexible pricing of their products, expanded their fleet operations focused on reducing fleet turn-around time, while deploying compelling brand communications to grow value.
Ayeni said, “We are optimistic about the year ahead, as we remain strongly committed to executing our sustainable growth strategy, thereby growing consumer trust and shareholder confidence.”
On his part, the Managing Director of NASCON Allied Industries Plc, Mr. Paul Farrer, said company had embarked on strategies to ensure resumption in the production of tomatoes paste and vegetable oil to boost operations and bottom-line.
According to him, the company would resort to backward integration to ensure revival of the two production lines.
He added that the company would continue to leverage synergies and enhance efficiencies across the business operations to curtail costs.