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NASCON Allied Industries Plc has joined the list of companies that declared dividend for 2017 financial year, following the announcement of N1.50 final dividend per share. This translates to 114.29 percent increase over 70k per share it paid in 2016. The results also show that NASCON was able to weather the recession storm in 2017, as gross revenue jumped 48 percent to N27.06 billion in 2017 as against N18.29 billion it realised in 2016.
Gross profit for the financial year that just ended rose 69 percent to N9.99 billion in contrast to N5.92 billion that was made in 2016. Operating profit was up by 100 percent from N3.82 billion in 2016 to N7.63 billion in 2017.
Similarly, profit after tax (PAT), increased by 121 percent from N2.42 billion in 2016 to N5.34 billion in 2017. Earnings per share were up by 122 percent to 202k last year up from 91k in 2016.
However, the cost of sales also trended upward by 38 percent to N17.07 billion in 2017 compared with N12.37 billion in 2016. By implication, the cost of sales in 2017 represents 63 percent of the gross revenue as against 68 percent in 2016. In other words, N63 out of every N100 generated in 2017 was expended as cost of sales. That was lower that N68 that was spent out of every N100 generated in 2016.
“A final dividend of N1.50 per 50k ordinary shares, subject to the appropriate withholding tax and approval will be paid to shareholders whose names appear in the Register of Members as at the close of business on Thursday 19th April 2018.
“ On 8th May, dividend will be paid electronically, to shareholders whose names appear on the Register of Members as at Thursday 19th April 2018, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts”, NASCON management said in a note to the Exchange.
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