NASCON Allied Industries Plc has announced that its turnover for the 2023 financial year increased by 37 per cent to N80.8 billion.

NASCON noted that its profit after tax also rose by 151 per cent to N13.7 billion.

The company disclosed this at its Annual General Meeting held in Lagos on Wednesday, May 22, assuring its shareholders of continuous growth and value creation in 2024.

Speaking to shareholders, NASCON Chairperson Yemisi Ayeni said: “Amidst the challenges in 2023, the company achieved commendable operational performance. Our strategic initiatives and proactive measures enabled us to grow in value and profitability.”

“Our turnover for the financial year ended December 31, 2023, grew 37 per cent to N80.8 billion, marking a significant increase from the previous year.

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“Profit after Tax also saw an impressive growth of 151 per cent to N13.7 billion, reflecting our commitment to operational efficiency and excellence.”

On future plans, Ayeni said: “As we look ahead, NASCON remains focused on its commitment to health, safety, and environmental sustainability.

“Despite ongoing challenges in the global and national landscape, we are optimistic about the prospects of our company. The board and management are steadfast in our dedication to driving continued growth and innovation while maintaining a steadfast commitment to our stakeholders and communities.”

Also speaking at the event, NASCON Managing Director Thabo Mabe noted that in 2023, the company faced significant business challenges amid Nigeria’s economic challenges, characterised by deteriorating macroeconomic indicators compared to the previous year.

Mabe added that despite the formidable challenges faced in 2023, NASCON remained steadfast in its commitment to stakeholders, prioritising their well-being and maintaining integrity, and compliance in all endeavours.

The shareholders commended the management and board of NASCON for the performance and bonus declared during the financial year review.

They approved and authorised the directors to capitalise such sufficient sums from the amount available for distribution to members in the proportion of one new ordinary share of 50 kobo for every 50 existing ordinary shares of 50 kobo.

The Star