Business News

Nascon Allied plc declares 151.28% increase in profit-after-tax for FY 2023

Nascon Allied Industries Plc has reported an increase in its profit after tax from N5.46 billion reported in 2022 to N13.72 billion for 2023. This represents an increase of 151.28% from the previous year.

This is contained in the company’s 2023 financial report published on the Nigerian Stock Exchange (NGX).

The company’s revenue grew by 37.49% to N80.82 billion from N58.78 billion reported in 2022.

Nascon Allied also posted a pre-tax profit of N20.58 billion, representing an increase of 145.58% from the N8.37 billion posted in FY 2022.

The Board recommended a special dividend of N5.18k per share, an increase from the N2.06k recorded in 2022.

The company recorded an  net exchange rate gain of N228.3 million in 2023- an increase from the N368.69 million net FX loss recorded in 2022.

Nascon Allied plc share price was up by 4.4% today to N58.5k on the Nigerian Stock Exchange (NGX) on the back of filing the report.

For 2023, the company paid a tax of N6.85 billion, an increase from the N2.90 billion.

Nascon Allied Industries Plc offers a diverse range of products encompassing salt, seasonings, and spices. The company’s salt offerings comprise various types such as table salt, pure dried vacuum (PDV) salt, salt for tanneries, butter salt, as well as salts for edible and non-edible industrial applications.