NASCON shareholders approve N2 per share dividend
Shareholders of NASCON Allied Industries Plc. yesterday approved the dividend of N2 per share, representing a 100 per cent increase against the previous year’s dividend payout. The management attributed the growth in the dividend payout and the company’s performance during the year ending December 31, 2024, to the successful expansion of its market base. At […]
Shareholders of NASCON Allied Industries Plc. yesterday approved the dividend of N2 per share, representing a 100 per cent increase against the previous year’s dividend payout.
The management attributed the growth in the dividend payout and the company’s performance during the year ending December 31, 2024, to the successful expansion of its market base.
At the Annual General Meeting (AGM), held in Lagos yesterday, shareholders approved the proposed dividend payout.
For the year ending December 31, 2024, the company reported revenue growth of 49 per cent, reaching N120.4 billion.
Gross profit increased by 25 per cent to N55.5 billion, while EBITDA rose by 19 per cent to N27.4 billion. Profit before tax grew by 15 per cent to N23.7 billion, and profit after tax increased by 14 per cent to N15.6 billion.
Earnings per share climbed by 11 per cent to N5.77, with a proposed dividend up by 100 per cent to N2.00.
The chairman of the company, Olakunle Alake, said operational efficiency and strategic initiatives were behind the company’s performance during the year.
The aggressive expansion, according to the management, led to a significant increase in the company’s sales, with an attendant rise in revenue and profitability.
He said, “During the year, we adopted several strategic initiatives aimed at enabling the company to take advantage of growth opportunities. We demonstrated our commitment to sustainability by encouraging responsible resource use. We also engaged in community development efforts, alongside numerous employee welfare and development programs. These efforts reflect our ongoing commitment to value creation for all our stakeholders.”
Managing Director of NASCON, Thabo Mabe, described 2024 as “exceptionally positive” for the company, stating, “We achieved a profit growth of 14 per cent to N15.6 billion, thanks to strong demand for our core products and our strategic market presence.”
Mabe said: “We optimised strategic opportunities that have positioned us for continued growth. Our operational efficiencies have improved, enhancing our overall profitability.” For the year 2025, he outlined the primary goals, including continuing the revenue growth trajectory, expanding into new markets, and enhancing product lines. He concluded by stating, “We will further invest in our sustainability initiatives and aim to reduce carbon emissions. Our workforce development programs will also continue, focusing on upskilling and fostering a culture of innovation.”
Commenting one after another on the performance of the company, shareholders commended the company for its impressive financial performance in 2024 and the declared dividend of N2 per share.