Nascon Allied Industries Plc has released its full-year results for the period ending December 31, 2024, revealing a pre-tax profit of N23.6 billion.
This marks a 14.9% increase compared to the previous year’s profit of N20.5 billion, amid a strong surge in revenue.
For the reported period, the company achieved a total revenue of N120.3 billion, representing a 48.9% rise from N80.8 billion reported in 2023.
A significant portion of this revenue, amounting to N112.9 billion, came from salt sales, while the remaining revenue was generated from seasoning products.
Additionally, Nascon’s total assets rose to N78.5 billion, an increase from N65.6 billion reported the previous year, with current assets constituting a considerable share of this total.
The company reported a 48.9% year-over-year increase in revenue, reaching N120.3 billion, up from N80.8 billion in the previous year.
Despite these rising costs, the company achieved a gross profit of N55.5 billion, which is a 25.3% increase from the prior year’s gross profit of N44.3 billion.
Other income increased by 34.4% to N261.2 million, largely due to scrap sales, which accounted for 83.64% of the total, while rental income and insurance claims contributed the remainder.
Conversely, the company’s finance income increased by 93.4% to N1.7 billion, up from N927.4 million the previous year, primarily driven by interest income from short-term fixed deposits.
Ultimately, Nascon reported a pre-tax profit of N23.6 billion, reflecting a 14.9% increase year-over-year from N20.5 billion in the previous year.
The company’s total assets increased to N78.5 billion, up from N65.6 billion reported in the previous year.