… as Shareholders Endorse N2 Per Share Dividend
NASCON Allied Industries Plc has attributed its remarkable 100% increase in dividend payout—now N2 per share—and overall strong performance for the financial year ending December 31, 2024, to its robust market expansion efforts.
According to the company’s management, this aggressive expansion significantly boosted sales, which in turn drove up revenue and profitability.
During the Annual General Meeting (AGM) held in Lagos on Thursday, shareholders approved the proposed N2 per share dividend. Chairman of the Company, Mr. Olakunle Alake, cited strategic initiatives and enhanced operational efficiency as key drivers behind the company’s exceptional performance.
“Our achievements this year reflect the success of our strategies, operational discipline, and the dedication of our team. We’ve broadened our market reach, which has led to higher sales. Our focus on customer satisfaction and product quality has enabled us to attract new customers while retaining existing ones,” Alake said.
He added, “We implemented several growth-driven strategies and reaffirmed our commitment to sustainability through responsible resource usage and community development. Our investments in employee welfare and capacity development underscore our pledge to create long-term value for stakeholders.”
Highlighting the year’s performance, Alake noted, “We are proud to recommend the highest dividend in our company’s history—a reward for shareholder loyalty and a reflection of our confidence in NASCON’s future.”
Looking ahead, he emphasized that NASCON will prioritize innovation, improved efficiency, and stakeholder value. “We are investing in our workforce and in technology to seize new market opportunities,” he said.
Managing Director, Mr. Thabo Mabe, described 2024 as a milestone year for NASCON, reporting a 14% rise in profit to N15.6 billion, driven by sustained demand for core products and strategic market positioning.
“Our improved operational efficiencies have enhanced profitability. Looking forward to 2025, we aim to sustain our revenue growth, expand into new markets, and diversify our product offerings,” Mabe said. He also reaffirmed the company’s commitment to sustainability and employee development, particularly in reducing carbon emissions and fostering innovation.
For the fiscal year ending December 31, 2024, NASCON reported a 49% rise in revenue, reaching N120.4 billion. Gross profit climbed by 25% to N55.5 billion, EBITDA increased by 19% to N27.4 billion, profit before tax grew by 15% to N23.7 billion, and profit after tax rose 14% to N15.6 billion. Earnings per share went up 11% to N5.77, while the dividend payout doubled to N2.00 per share.
Shareholders applauded the company’s 2024 performance and the dividend declaration.
Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association, lauded NASCON’s financial success. “We observed nearly 49% revenue growth to N129.39 billion, with profit after tax reaching N15.6 billion despite economic headwinds. I commend the board for this performance and the N2 dividend. We look forward to more growth next year,” she said.
Another shareholder, Dr. Umar Farouk, urged the company to sustain its performance trajectory despite prevailing economic challenges.
Mr. Moses Igbrude also praised the management for the N2.00 dividend and expressed hope for even better returns in the coming year.
Deputy Managing Director, Aderemi Saka, expressed satisfaction with NASCON’s resilience, stating, “Despite macroeconomic hurdles in 2024, we retained our market share and grew revenue. We remain committed to delivering high-quality products and enhancing shareholder value to maintain our strong market position.”
Sahel Reporters News
