Union Dicon Salt PLC, a consumer goods and agro industrial sector conglomerate has just released its audited annual reports for 2015.
The company said in its audited annual general report that it made a net loss of NGN2.6 million for the year 2015. This is a percentage reduction 96% when compared to its audited results for 2014 when the company made a net loss of NGN87 million.
While the company’s operating expenses increased to NGN78 million compared to NGN61 million recorded in 2014, its administrative expenses crashed to NGN80 million from NGN148 million in 2014. This might signal that a massive job cut was carried out in the company.
According to the company’s disclosure, Dicon Salt Limited and Union Salt Limited which were incorporated as private limited liability companies on 11 October 1984 and 30 May 1991 respectively. These Companies were merged and simultaneously converted into a public limited liability company on 7 May 1993 to become Union Dicon Salt Plc.
The company is also divesting its interest into profitable ventures. Last week, it announced that it paid USD100 million to acquire Alape Staple Crop Processing Zone, SCPZ in Kogi State from Cargill, a US-based agro-industrial company that initially invested in the project.
Union Dicon Salt PLC became listed on the official listing of the Nigerian Stock Exchange on 23 September, 1993. The principal activity of the company is the processing of crude salt. The company is also involved in the sales of packaged water in sachets and plastic bottles.
The issued share capital of the Company is held thus: 28% by Aims Limited, 19% by Defence Industries Corporation, 14% by Danjuma T.Y, 8% by Taraba Fisheries Ltd, 8% by T.Y. Holdings Ltd, 1% by Danjuma Grace Elizabeth, 4% by UDS Plc (Staff Trust Fund) and 18% by others.
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