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News

Dangote Bows Out As NASCON Chairman

Says firm underwent significant changes in 3 years

The outgoing chairman of NASCON Allied Industries Plc, Alhaji Aliko Dangote said, the company has undergone significant change in the past three years.

Speaking at the company’s annual general meeting held yesterday in Lagos, Dangote said, “Through my tenure, the company has seen substantial investment in expanding of product lines as well as strengthening and restructuring almost every aspect of its existing operation.

In 2015, our objective was to grow the seasoning, refined oil and tomato paste businesses to ensure that these new product lines complement and strengthen our existing refined salt businesses, contributing to revenue and delivering profit.” 

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PRESS RELEASE

Ayeni becomes new Chairman of NASCON Allied Industries PLC.

NASCON Allied Industries Plc has appointed Mrs. Yemisi Ayeni as its new chairman of Board of Directors.
Ayeni, a former finance director at Shell Nigeria Exploration and Production Company and currently a council member of the Nigerian Stock Exchange (NSE), emerged chairman of NASCON at the company’s board meeting held on December 15, 2015.

Also appointed to the board as non-executive directors are current chairman of Diamond Bank and facilitator at the Lagos Business School (LBS), Dr Chris Ogbechie, and an architect and a board member of Oando Foundation, Fatima Wali-Abdurrahman.

According to a statement signed by the company secretary, Mr Adedayo Samuel, The new Chairman started her career as an Audit assistant with Price Waterhouse London, before she joined Price Waterhouse Lagos. She later joined SNEPCo and earned the distinction of being the first Nigerian female ever to be appointed to the board of a Shell company in Nigeria. She is a graduate of Economics from the University of Manchester, the United Kingdom (UK), and a member of the Institute of Chartered Accountants of England and Wales.

Ogbechie holds a First Class degree in Mechanical Engineering also from the University of Manchester. In addition, he obtained his MBA from Manchester Business School, England, and a PhD from Brunel University, England. He has almost four decades of working experience spanning across the media, manufacturing, banking, and the academia.

Wali-Abdurrahman has a Bachelor of Arts degree in Architecture and Urban Studies from the University of Minnesota, United States, and an MSc in Economics and Management of Construction from the University College London, UK. She is currently the chief executive officer of Filmo Group of Companies, a key player in the Nigerian real estate sector. She was a former member of the Lagos State University Governing Council.

The other directors of the newly composed board of NASCON, which has Mr Paul Farrer as the managing director, include Olakunle Alake, Halima Aliko Dangote, Knut Ulvmoen, Sada Ladan-Baki, and Abdu Dantata.

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News

NASCON Raises Dividend To 150kobo As Profit Rises 121% To N5.3bn

NASCON Allied Industries Plc has recorded a jump of 121 percent in profit after tax (PAT) for the year ended December 31, 2017, despite the challenging operating environment.

The member of Dangote Group announced a revenue of 27.064 billion in 2017, showing an increase of 47 percent from N18.292 billion in 2016. Cost of sales rose from N12.374 billion to N17.070 billion, while gross profit improved by 68 per cent to N9.994 billion compared with 5.917 billion in 2016. Administrative expenses rose from N1.479 billion to N1.774 billion, just as operating expenses rose from N3.818 billion in 2016 to N7.626 billion in 2017. However, finance cost fell from N357 million to N72 million.

Consequently, profit before tax jumped by 124 per cent to N7.909 billion, from N3.516 billion in 2016. PAT grew slower by 121 per cent from N2.415 billion to N5.343 billion, due to a high tax that rose to N2.564 billion, from N1.101 billion in 2016.

The jump in bottom line made the directors to recommend a dividend of 150 kobo per share, up from 70 kobo paid the previous year. NASCON Allied Industries Plc last year assured shareholders of higher returns on their investment, saying it would roll out more products during the year.

According to the Chairman of NASCON Allied Industries Plc, Yemisi Ayeni, when introduced, the new products would enhance the company’s turn over, profitability and ultimately rub-off positively on the shareholders. Ayeni revealed that the company would also be investing in salt packaging and seasoning cubing lines to increase market share and improve efficiency.

Also speaking to the shareholders last year, Executive Director, Commercial, NASCON Allied Industries, Fatima Aliko Dangote said the company was doing so much to enhance their stakes on a consistent basis.

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