NASCON Allied Industries Plc has reassured its shareholders of sustained growth and value enhancement in 2024. The pledge came during the 2023 Annual General Meeting held in Lagos yesterday.
Addressing shareholders, NASCON’s Chairperson, Yemisi Ayeni, highlighted the company’s commendable operational performance amidst 2023’s challenges. Ayeni emphasized strategic initiatives and proactive measures that drove value and profitability.
“Our turnover for the financial year ending December 31, 2023, surged by 37 percent to N80.8 billion,” Ayeni stated, noting a substantial increase from the previous year. Additionally, Profit after Tax saw an impressive growth of 151 percent to N13.7 billion, reflecting the company’s dedication to operational efficiency and excellence.
Looking ahead, Ayeni reiterated NASCON’s commitment to health, safety, and environmental sustainability. Despite global and national challenges, Ayeni expressed optimism about the company’s prospects, affirming the Board and Management’s dedication to sustained growth and innovation while prioritizing stakeholders and communities.
Managing Director Thabo Mabe acknowledged the significant business challenges faced in 2023 amid Nigeria’s economic difficulties. However, Mabe underscored NASCON’s unwavering commitment to stakeholders’ well-being, integrity, and compliance.
Mabe outlined a multifaceted strategy focusing on leveraging strengths, embracing innovation, and prioritizing efficiency for sustained growth and profitability. Strategic partnerships and collaborations are integral to this strategy, facilitating market expansion, innovation, and revenue diversification.
Shareholders commended NASCON’s management and board for the performance and bonus declared during the financial year review. They approved and authorized Directors to capitalize sums from available distributions for members.
Mrs. Shopeju, speaking on behalf of shareholders, praised NASCON’s 2023 performance and bonus declaration. She urged the company to strive for better dividends in 2024, emphasizing expectations for a robust bottom line.