FULL YEAR 2024 AUDITED RESULTS
Nascon Allied Industries Plc
3rd March 2025
AUDITED RESULTS FOR THE YEAR ENDED 31ST DECEMBER 2024
Gross profit up 25%
PAT up 14% at ₦15.6B
Revenue up 49% at ₦120.4B
Proposed dividend up 100% at ₦2.00
Lagos, 3rd March 2025: Nascon Allied Industries Plc (NASCON), Nigeria's leading salt refiner, announces audited results for the year ended 31st December 2024.
Financial highlights
- Revenue up 49% to ₦120.4B
- Gross profit up 25% to ₦55.5B
- EBITDA up 19% to ₦27.4B; 23% margin
- Profit before tax up 15% to ₦23.7B
- Profit after tax up 14% to ₦15.6B
- Earnings per share up 11% at ₦5.77
- Total assets up 20% at ₦78.5B
- Proposed dividend up 100% at ₦2.00
ESG highlights
- 6.57% increase in our total workforce, with 9.48% female representation
- 35.67 hours average training hours provided per employee, spending about ₦ 90.34M on employee upskilling
- 1.5 tonnes of poly-roll waste diverted from landfills, converted into shopping bags.
- Completed and handed over 12 community projects
- Retirement of Chairperson ("Yemisi Ayeni) and Chris Ogbechie (Independent Director)
- Appointment of Olakunle Alake as Interim Chairman
- Appointment of Aderemi Saka as Deputy Managing Director
- 9 Board members. 44% Women (4) and 56% Men (5)
Thabo Mabe, Managing Director, said:
I am pleased to present our financial results for the year, which highlight our Company's resilience and strategic effectiveness.
Our revenue increased by an impressive 49% to ₦120.4 billion, which reflects our robust market performance and strategic initiatives. Despite a challenging economic environment, we achieved a 25% increase in gross profit, totaling ₦55.5 billion. Our EBITDA saw growth of 19% to ₦27.4 billion, resulting in a 23% EBITDA margin, which is an encouraging sign of our operational efficiency.
We experienced a 15% increase in profit before tax, amounting to ₦23.6 billion, and our profit after tax grew by 14% to ₦15.6 billion. Consequently, earnings per share also rose by 11%, now standing at ₦5.77. Our total assets increased by 20%, reaching ₦78.5 billion, providing a strong foundation for volume growth.
Therefore, we are pleased to propose a 100% increment in the dividend to ₦2.00, as a testament to our commitment to delivering value to our shareholders.
Additionally, we are delighted to announce that the Board of Directors of Nascon Allied Industries Plc. ("Nascon") has approved Mrs. Aderemi Saka as the Deputy Managing Director of Nascon with effect from 26 February 2025. We believe that Mrs. Saka's extensive experience and leadership will further strengthen our management team and drive our future growth.
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Our team is dedicated to navigating the dynamic business environment and positioning the company for long-term success. Thank you for your continued support and confidence in our company. We look forward to building on our successes in the years to come.
About Nascon Allied Industries Plc
NASCON Allied Industries Plc is Nigeria's leading refiner and distributor of household, food processing and industrial use salt. The company has since evolved with additional business lines to include Seasoning production. It has facilities in Lagos State (Apapa), Ogun State (Ota), and Rivers State (Port Harcourt).
The Apapa refinery, located in the Apapa Port of Lagos, was commissioned in 2001. The Port Harcourt refinery located in the seaport in Rivers State was commissioned in 2003. The Oregun plant was commissioned in 2004 to produce refined salt. Oregun plant was converted to a fleet workshop in 2021 with the commissioning of the new state-of-the-art refinery at Salt Village, Apapa.
We made a strategic decision in 2011 to grow the company through new product lines. We took advantage of our existing site in Ota and we commissioned a state-of-the-art Seasoning plant in 2014. Our plants are primarily powered through the National Grid with generators fueled by gas or diesel, with combined capacity to generate 6.1MW of power.
A member of the Dangote Group of companies, NASCON is squarely committed to achieving the mission and vision of the group through our products and every interaction.
Website:https://nascon.dangote.com/
Contact details:
Morayo Tukuru
Head of Investor Relations Nascon Allied Industries Plc investors.nascon2@dangote.com ir@dangote.com
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Summary of key performance indicators
INCOME STATEMENT | FY2024 | ₦ M | FY2023 | ₦ M | CHANGE |
Revenue | 120,387 | 80,828 | 49% | ||
Cost of sales | (64,860) | (36,510) | 78% | ||
Gross profit | 55,527 | 44,319 | 25% | ||
GP Margin | 46% | 55% | |||
Other income | 261 | 194 | 35% | ||
Other operating (losses)/ gains | (2,057) | 268 | (868%) | ||
(Increase)/writeback in impairment allowance | (87) | 11 | (891%) | ||
Distribution costs | (23,678) | (18,989) | 25% | ||
Administrative expenses | (6,928) | (4,707) | 47% | ||
Operating profit | 23,037 | 21,096 | 9% | ||
EBITDA | 27,414 | 23,100 | 19% | ||
EBITDA Margin | 23% | 29% | |||
Finance Income | 1,794 | 927 | 94% | ||
Finance Cost | (1,181) | (1,435) | (18%) | ||
Profit before taxation | 23,651 | 20,588 | 15% | ||
PBT Margin | 20% | 25% | |||
Taxation | (8,067) | (6,860) | 18% | ||
Profit for the year | 15,584 | 13,728 | 14% | ||
Earnings per share (kobo) | 577 | 518 | 11% | ||
FINANCIAL POSITION | FY2024 | ₦ M | FY2023 | ₦ M | CHANGE |
Property, plant and equipment | 12,340 | 12,097 | 2% | ||
Right of use assets | 3,741 | 4,125 | (9%) | ||
Non-Current Assets | 16,081 | 16,222 | (1%) | ||
Other Current Assets | 37,721 | 23,851 | 58% | ||
Cash and cash equivalents | 24,700 | 25,613 | (4%) | ||
Current Assets | 62,421 | 49,464 | 26% | ||
Total Assets | 78,502 | 65,686 | 20% | ||
Total Equity | 43,055 | 27,472 | 57% | ||
Non-Current Liabilities | 9,110 | 6,460 | 41% | ||
Current Liabilities | 26,337 | 31,754 | (17%) | ||
Total Liabilities | 35,447 | 38,214 | (7%) | ||
Total Equity and Liabilities | 78,502 | 65,686 | (20%) | ||
CASH FLOWS | FY2024 | ₦ M | FY2023 | ₦ M | CHANGE |
Cash and cash equivalent at beginning of period | 25,613 | 13,006 | 97% | ||
Net cash from operating activities | 4,023 | 20,050 | (80%) | ||
Net cash from investing activities | (421) | (894) | (53%) | ||
Net cash from financing activities | (4,217) | (6,321) | (33%) | ||
Effect of exchange rate movement on cash balances | (298) | (228) | (31%) | ||
Cash and cash equivalent at end of period | 24,700 | 25,613 | (4%) | ||
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