Nascon Allied PLC Net Profit Up By 17%

Nascon

Nascon Allied PLC has released its Q2 2016 result showing its revenue grew to NGN8,5 billion compared to NGN6,6 billion same quarter last year.

This an impressive result considering the economic situation. Nascon Allied gross profit increased to NGN3,0 billion compared to  NGN2,0 billion declared last year.

Net profit for the period has increased to NGN 1,2 billion versus NGN1,0 billion recorded same quarter last year.

National Salt Company of Nigeria Plc. (Now NASCON ALLIED INDUSTRIES Plc.) was incorporated in Nigeria as a limited liability company on 30 April 1973. It was fully privatized in April, 1992 and became listed on the Nigerian Stock Exchange on 20 October, 1992.

The principal activity of Nascon is the refining and sale of edible, refined, bulk and industrial salt, Tomato paste, Vegetable Oil as well as Seasoning. The Company’s products are sold through distributors across the country.

At a general meeting held on 29 September 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.  Greenview International Corporation also own a major stake in the business.

 

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