Nascon Records 84% Increase In Profit


May 30, 2023.

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Azonuchechi Chukwu.

NASCON Allied Industries Plc. recorded impressive growth in all performance indicators in the year ended December 31, 2022, with profit after tax surging by 84 per cent, from N2.97 billion to N5.47 billion.

Shareholders at the company’s 2022 annual general meeting (AGM) held at the weekend in Lagos commended the board and management of NASCON for consistent payment of dividends.

The shareholders at the meeting approved the payment of N1 per 50k share totalling N2.65 billion recommended by the board.

Analysis of the food seasoning company’s annual report indicated that profit before tax rose significantly by 98 per cent, from N4.24bn to N8.37bn, representing an increase of N4.12bn.

Turnover was on the upswing, increasing from N33.28 billion to N58.79bn, a 77 per cent increase compared to 2021.

Speaking at the AGM, a shareholder, Mr Tunde Badmus, applauded the management for the impressive performance and efficient running of the company, amid a harsh economic environment.

Addressing the shareholders, Mrs ‘Yemisi Ayeni, the company’s chairperson, said health, safety and environment and sustainability considerations remain major drivers of policy and strategy at NASCON.”. (

Azonuchechi Chukwu
Azonuchechi Chukwu
Azonuchechi Chukwu - Business Journalist at Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the team.

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