The Shareholders of NASCON Allied Industries PLC have announced a dividend payout of N2 per share as its after-tax profit rises by 14% to N15.6 billion as of December 31, 2024.
The Management of NASCON has attributed the growth in the dividend payout by 100% to N2 per share and the company’s impressive financials during the year ended December 31, 2024, to the successful expansion of its market base.
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.
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For the year ending December 31, 2024, the company reported a revenue growth of 49 percent, reaching N120.4 billion. Gross profit increased by 25% to N55.5 billion, while Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) rose by 19% to N27.4 billion.
Profit before tax grew by 15% to N23.7 billion, and profit after tax increased by 14% to N15.6 billion. Earnings per share climbed by 11% to N5.77, with a proposed dividend up by 100% to N2.00.
During the Annual General Meeting (AGM), held in Lagos on Thursday, Thabo Mabe, managing director of NASCON, said that 2024 had been exceptionally positive for the company, stating, “We achieved a profit growth of 14% 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.
Olakunle Alake, chairman of NASCON, highlighted operational efficiency and strategic initiatives as key factors for the company’s successful year.
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He stated that the firm had expanded its market presence, driving sales through a focus on customer satisfaction and high-quality products. Alalso also noted that the company’s commitment to sustainability, community development, and employee welfare.
He expressed confidence in the company’s future, calling the dividend payout the highest in its history. “Moving forward, the company will prioritise growth through innovation, operational efficiency, and stakeholder value while exploring new market opportunities”, he said.
Similarly, Bisi Bakare, national coordinator of the Pragmatic Shareholders Association, praised the company’s financial achievements.
She noted, “We observed revenue growth of 48.94% to N129.39 billion, up from N18.8 billion. Despite the macroeconomic challenges we faced, profit after tax reached N15.6 billion, up from N13.7 billion.
“I commend the entire board and management for this outstanding result. Additionally, I appreciate the board for declaring a dividend of N2.00. We thank the board for that, and we hope for increased dividends next year.”
