Nascon Allied Industries plc reported revenue growth to N8.589billion in the first-half (H1) of 2016, from H1’2015 level of N6.605billion.
The company’s financial statements for half-year ended June 30, 2016 published at the Nigerian Stock Exchange (NSE) show gross profit of N3.006billion from N2.064billion in H1’15. In the half year to June 30 2016, the company’s investment income rose to N11.281million from N258, 000 in H1’15.
Though the company’s distribution expenses rose remarkably to N456.012million in H1’16 from N45.203million in H1’15; as well as administrative expenses at N614.904million in H1’16, from N588.436million in H1’15; the company’s profit before tax (PBT) was still high at N1.873billion compared to N1.518billion recorded in H1’15.
The company’s statement of profit and loss and other comprehensive income for the half-year (H1) shows profit after tax stood higher at N1.273billion from N1.032billion in H1’15. Basic and diluted earnings per share increased to 96 kobo from 78kobo in H1’15. Nascon Allied Industries Plc (formerly National Salt Company of Nigeria Plc) was incorporated in Nigeria as a limited liability company on April 30, 1973.
It was fully privatized in April, 1992 and became listed on the Nigerian Stock Exchange on 20 October, 1992. At a general meeting held on September 29, 2006, the shareholders approved the acquisition of the assets, liabilities and business undertakings of Dangote Salt Limited and the issue and allotment of additional NASCON Plc shares as the purchase consideration.
The major shareholder of the Company is Dangote Industries Limited that owns about 62.19% of the issued share capital, while the remaining 37.81% is held by the Nigerian public.
Iheanyi Nwachukwu
