Nascon Allied Industries plc is reporting 135% increase in profit to NGN4.0 billion for the nine months end in 2017 compared to NGN1.7 billion recorded in the same period in the financial year 2016.
The company ended the period with NGN20.7 billion revenue in contrast to NGN12.7 billion reported in the previous year, which represents 62% increase year over year comparison. Gross profit also increased to NGN7.6 billion from NGN4.2 billion posted in 2016.
Nascon said its investment income increased to NGN141.0 million in the nine months compared to NGN21.7 million recorded in the fiscal year 2016.
Total assets for the period under review was NGN26.8 billion compared to NGN25.1 billion acquired in the year 2016 while total liabilities was reduced to NGN16.5 billion from NGN17.7 billion in the previous year.
NASCON Allied Industries Plc (previously National Salt Company of Nigeria Plc) was established in 1973 as a salt refinery at Ijoko (Near Sango-Ota); Ogun State as a joint venture between the Federal Military Government of Nigeria and Atlantic Salt & Chemical Inc. of Los Angeles, California, USA, due to an identified need for self-sufficiency in the production of this essential commodity.
In order to achieve this, the Federal Military Government appointed Messrs Atlantic Salt & Chemical Company Incorporation as Technical Partner for the establishment of this company in October 1972; the technical agreement was signed on March 1973. The National Salt Company of Nigeria was thus incorporated on April 30, 1973.The equity shareholding of the company at the time was:
- Federal Military Government of Nigeria 55%
- Atlantic Salt & Chemical Inc. 35%
- (Technical Partner)
- Former Western State Government 10%
- (Now Oyo, Ogun, Osun, Ondo, Lagos and Ekiti States