Nascon Allied Industries PlcNSENG: NASCON

Quarter 1 - financial statement for 2026

Apr 28, 2026 at 9:54 PM UTC · Issued by Nascon Allied Industries Plc

Nascon Allied Industries Plc FRC/2012/00000000478 Unaudited Financial Statements for the period ended 31 March 2026

Nascon Allied Industries Plc
(Registration number 11364)
Unaudited Financial Statements for the interim period ended 31 March 2026 Contents
	Page
Statement of Profit or Loss and Other Comprehensive Income	2
Statement of Financial Position	3
Statement of Changes in Equity	4
Statement of Cash Flows	5
Notes to the Unaudited Financial Statements	6 - 40

(Registration number 11364) Unaudited Financial Statements for the interim period ended 31 March 2026 Statement of Profit or Loss and Other Comprehensive Income
Notes	Reviewed 3 Months ended 31 March 2026 N'000	Reviewed 3 Months ended 31 March 2025 N '000	Audited 12 Months ended 31 December 2025 N'000
Revenue from contracts with customers 4	39,342,579	41,852,542	152,686,973
Cost of sales 6	(18,893,593)	(23,956,547)	(78,738,835)
Gross profit	20,448,986	17,895,995	73,948,138
Other income 7	12,981	23,222	236,128
Other operating (losses)/gains 8	319,236	(318,192)	(1,683,300)
(Increase in) impairment allowances 9	-	-	63,584
Distribution costs 10.1	(5,642,803)	(5,119,355)	(20,706,801)
Administrative expenses 10.2	(2,597,849)	(2,058,675)	(8,961,645)
Operating profit	12,540,551	10,422,995	42,896,104
Finance income 11	2,526,473	1,099,639	6,006,200
Finance cost 12	(86,481)	(212,359)	(659,067)
Profit before taxation	14,980,543	11,310,275	48,243,237
Taxation 13	(5,093,386)	(3,732,390)	(14,713,954)
Profit from continuing operations	9,887,157	7,577,885	33,529,283
Profit for the period	9,887,157	7,577,885	33,529,283
Total comprehensive income for the period	9,887,157	7,577,885	33,529,283
Earnings per share information
Basic and diluted earnings per share (Kobo) 15	1,463	1,122	1,241

The accounting policies on page 6 to 18 and the notes on pages 19 to 40 form an integral part of the unaudited financial statements

(Registration number 11364) Unaudited Financial Statements for the interim period ended 31 March 2026 Statement of Financial Position
	Notes	Reviewed 3 Months ended 31 March 2026 N'000	Reviewed 3 Months ended 31 March 2025 N'000	Audited 12 Months ended 31 December 2025 N'000
Assets
Non-Current Assets
Property, plant and equipment	16	32,314,138	11,893,555	33,498,157
Right-of-use assets	17	3,371,091	3,642,954	3,474,639
		35,685,229	15,536,509	36,972,796
Current Assets
Inventories	18	14,341,938	17,299,928	15,689,487
Trade and other receivables	19	60,224,476	17,833,205	40,019,127
Other financial assets	20	764,569	635,901	764,569
Other assets	21	258,456	1,600,200	187,736
Cash and cash equivalents	22	49,492,346	37,911,700	41,632,243
		125,081,785	75,280,934	98,293,162
Total Assets		160,767,014	90,817,443	135,265,958
Equity and Liabilities
Equity
Share capital	23	1,351,213	1,351,213	1,351,213
Share premium	24	434,037	434,037	434,037
Retained earnings	25	79,281,795	48,848,095	69,394,638
		81,067,045	50,633,345	71,179,888
Liabilities
Non-Current Liabilities
Borrowings	27	38,570	38,570	38,570
Lease liabilities	28	3,669,070	3,579,110	3,419,442
Retirement benefit obligations	29	107,191	116,017	110,834
Deferred tax	14	4,239,908	5,431,277	4,239,908
		8,054,739	9,164,974	7,808,754
Current Liabilities
Trade and other payables	30	45,350,868	16,776,425	33,688,438
Borrowings	27	26,471	1,106,027	27,955
Lease liabilities	28	26,887	306,744	303,401
Contract liabilities	31	5,566,707	4,221,492	6,676,611
Current tax payable	13	20,674,297	8,608,436	15,580,910
		71,645,230	31,019,124	56,277,315
Total Liabilities		79,699,969	40,184,098	64,086,069
Total Equity and Liabilities		160,767,014	90,817,443	135,265,957

The accounting policies on pages 6 to 18 and the notes on pages 19 to 40 form an integral part of the unaudited financial statements

The Unaudited Financial Statements and the notes on pages 19 to 40, were approved by the board on the 27 April, 2026 and were signed on its behalf by:

Aderemi Saka Managing Director FRC/2026/PRO/DIR/003/670433 Oladimeji Sorinmade Acting Financial Controller FRC/2025/PRO/ICAN/001/987274

(Registration number 11364) Unaudited Financial Statements for the interim period ended 31 March 2026 Statement of Changes in Equity
	Share capital N'000	Share premium N'000	Retained earnings N'000	Total equity N'000
Balance at 1 January 2025	1,351,213	434,037	41,270,210	43,055,460
Profit for the period	-	-	7,577,885	7,577,885
Other comprehensive income	-	-	-	-
Total comprehensive income for the period	-	-	7,577,885	7,577,885
Balance at 31 March 2025	1,351,213	434,037	48,848,095	50,633,345
Balance at 1 January 2026	1,351,213	434,037	69,394,638	71,179,888
Profit for the period	-	-	9,887,157	9,887,157
Other comprehensive income	-	-	-	-
Total comprehensive income for the period	-	-	9,887,157	9,887,157
Balance at 31 March 2026	1,351,213	434,037	79,281,795	81,067,045

The accounting policies on pages 6 to 18 and the notes on pages 19 to 40 form an integral part of the unaudited financial statements.

(Registration number 11364) Unaudited Financial Statements for the interim period ended 31 March 2026 Statement of Cash Flows
	Notes	Reviewed 3 Months ended 31 March 2026 N'000	Reviewed 3 Months ended 31 March 2025 N'000	Audited 12 Months ended 31 December 2025 N'000
Cash flows from operating activities Cash generated from operations	32	5,910,073	14,394,380	49,117,955
Tax paid	13	-	-	(5,200,460)
Retirement benefit obligations paid	29	(3,643)	(6,241)	(11,424)
Net cash from operating activities		5,906,430	14,388,139	43,906,071
Cash flows from investing activities Purchase of property, plant and equipment	16	(459,255)	(339,477)	(23,717,742)
Proceeds from sale of property, plant and equipment	16	1,304	8,600	9,900
Lease prepayments recognised as right of use assets		-	-	(169,255)
Interest income	11	2,526,473	1,099,639	6,006,200
Net cash from investing activities		2,068,522	768,762	(17,870,897)
Cash flows from financing activities Payment on borrowings	27	(1,484)	(1,715,629)	(2,793,701)
Dividends paid	26	-	-	(5,404,854)
Interest paid on borrowings	12	(259)	(125,781)	(284,664)
Payment on lease liabilities	28	(113,208)	(103,941)	(724,031)
Net cash used in financing activities		(114,951)	(1,945,351)	(9,207,250)
Total cash and cash equivalents movement for the period		7,860,001	13,211,550	16,827,924
Cash and cash equivalents at the beginning of the period		41,632,242	24,700,150	24,700,150
Effect of exchange rate movement on cash balances		103	-	104,168
Total cash and cash equivalents at end of the period	22	49,492,346	37,911,700	41,632,242

The accounting policies on pages 6 to 18 and the notes on pages 19 to 40 form an integral part of the unaudited financial statements.

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 31 March 2026

Accounting Policies

Corporate information
Nascon Allied Industries Plc (Formerly known as National Salt Company of Nigeria) was incorporated in Nigeria as a limited liability Company on 30 April 1973. It was fully privatised in April, 1992 and became listed on the Nigerian Stock Exchange on 20 October, 1992. At a general meeting held on 29 September 2006, the shareholders approved the acquisition of the assets, liabilities and business undertakings of Dangote Salt Limited and the issue and allotment of additional NASCON PLC shares as the purchase consideration. The major shareholder of the Company is Dangote Industries Limited that owns 62.19% of the issued share capital, while the remaining 37.81% is held by the general public.
The ultimate controlling party is Greenview International Corp, a Company incorporated in Cayman Islands. The registered address of the Company is Salt City, Ijoko Ota, Ogun State.
1. The principal activity
  The principal activities of the Company include, the processing of raw salt into refined, edible and grade salt. The Company also produces seasoning cubes. The Company's products are sold through distributors across the country.
2. Financial period
  The financial statements cover the financial year from 1 January 2026 to 31 March 2026 with comparatives for the period ended 31 March 2025.
3. Going concern status

The Company has consistently turned in Profits since 2007. The Directors believe that there is no intention or threat from any party to curtail significantly its line of business in the foreseeable future. Thus, these Unaudited Financial Statements are prepared on a going concern basis.

Material accounting policies
The significant accounting policies applied in the preparation of these Unaudited Financial Statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
1. Statement of Compliance

The Unaudited Financial Statements have been prepared in accordance with, and comply with, International Financial Reporting Standards (IFRS) Accounting Standards, International Financial Reporting Interpretations Committee (IFRIC), interpretations issued by the International Accounting Standards Board (IASB), Companies and Allied Matters Act (CAMA) and Financial Reporting Council of Nigeria (Amendment) Act, 2023 and effective at the time of preparing these financial statements.

Basis of measurement
The Unaudited Financial Statements have been prepared under the going concern assumption and historical cost convention except for the following items;
- Non-derivative financial instruments - initially at fair value and subsequently at amortised cost using effective interest rate.
- Inventory - lower of cost and net realisable value.
- Lease liabilities - measured at the present value of future lease payments.

Historical cost is generally based on the fair value of the consideration given in exchange for assets. All values are rounded to the nearest thousand except when otherwise indicated.

Functional and presentation currency
Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The functional currency and presentation currency of the Company is the Nigerian Naira (N) has been rounded to the nearest thousand (N'000), unless otherwise stated.
(Registration number 11364)
Unaudited Financial Statements for the interim period ended 31 March 2026
Accounting Policies
1. Functional and presentation currency (continued)
  1. Foreign currency transactions
    A foreign currency transaction is recorded, on initial recognition in Naira, by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.
    At the end of the reporting period:
    - foreign currency monetary items are translated using the closing rate;
    - non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction; and
    - non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.
      Exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition during the period or in previous unaudited financial statements are recognised in profit or loss as other operating gains/(losses) in the period in which they arise.
      When a gain or loss on a non-monetary item is recognised in other comprehensive income and accumulated in equity, any exchange component of that gain or loss is recognised in other comprehensive income and accumulated in equity. When a gain or loss on a non-monetary item is recognised in profit or loss, any foreign exchange component of that gain or loss is recognised in profit or loss as other operating gains/(losses).
      Cash flows arising from transactions in a foreign currency are recorded in Naira by applying to the foreign currency amount the exchange rate between the Naira and the foreign currency at the date of the cash flow.
2. Revenue from contracts with customers
Revenue is measured at the fair value of the consideration received or receivable for goods or services, in the ordinary course of the Company's activities and it is stated net of Value Added Tax (VAT), rebates and returns. A valid contract is recognised as revenue after;
- The contract is approved by the parties.
- Rights and obligations are recognised.
- Collectability is probable.
- The contract has commercial substance.
- The payment terms and considerations are identifiable.
The probability that a customer would make payment is ascertained based on the evaluation done on the customer as stated in the credit management policy at the inception of the contract. The Company is the principal in all of its revenue arrangement since it is the primary obligor in most of the revenue arrangements, has inventory risk and determines the pricing for the goods and services. The customers' payments are categorised into cash and 30 days credit sales.
Revenue is recognised when the control of the goods and service are transferred to the customer. This occurs when the goods are delivered to the customer and customer's acceptance is received or when goods are picked up by the customers. Revenue is driven by the regional spread of the Company's customer network.
Nascon Allied Industries Plc transfers control to the customers after the goods have been delivered to the customer, however, the customer obtains the right to return goods that are bad or damaged after they have been delivered.
Sale occurs when the goods have been delivered to the specific location, the risks of obsolescence and loss have been transferred to the customer, and when the customer has accepted the products in accordance with the sales contract, or the acceptance provisions have lapsed, or the Company has objective evidence that all criteria for acceptance have been satisfied.
Revenue from sale of goods is recognised based on the price specified in the contract, net of the estimated rebates and returns. Rebates are estimated at the inception of the contract except where the period between the recognition of revenue and grant of rebates is within one month.
Returns on goods are considered at the inception of the contract except where the timing between when the revenue is recognised and when the returns occur is considered immaterial. In these instances, the returns are accounted for when they occur. Contract liability is recognised for consideration received for which performance obligation (sales of goods) has not been met.
(Registration number 11364)
Unaudited Financial Statements for the interim period ended 31 March 2026
Accounting Policies
Revenue from contracts with customers (continued)
Specifically, revenue from the sale of goods is recognised when goods are delivered (or collected, if sold under self-collection terms) and legal title is passed.
Finance income
This represents interest income earned on short term placements with banks and other financial assets at amortised cost - treasury bills. Interest income is calculated by applying the effective interest rate to the gross carrying amount of financial assets. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to its gross carrying amount.
Employee benefits Short-term employee benefits
Short term employee benefits: any wages, salaries, incentives, other contributions and paid annual leave are accrued in the period in which the associated services are rendered by employees of the Company.
Termination benefits
Termination benefits are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Company recognises termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or as a result of an offer made to encourage voluntary redundancy. The expected cost of compensation is recognized as an expense in the profit or loss account when it occurs.
Retirement benefit obligations
A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Company's net obligation in respect of defined benefit gratuity scheme is calculated by estimating the amount of future benefits that employees have earned in return for their service in the current and prior years and that benefit is discounted to determine the present value.
Defined contribution plan
The employees of the Company are members of a Defined Contribution Pension plan administered by third-party Pension Fund Administrators under the Pension Reform Act of 2014. The assets of the plan are held separately from those of the Company. The scheme is funded in accordance with the Pension Reform Act of 2014 with the employee and employer contributions representing 8% and 10% respectively of the employee's relevant emoluments.
(Registration number 11364)
Unaudited Financial Statements for the interim period ended 31 March 2026
Accounting Policies
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax payable is based on the taxable profit for the year. Taxable profit differs from the profit reported in the statement of profit or loss and other comprehensive income due to items of income or expenses that are either taxable or deductible in the current period.
The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current Income Tax represents the amount of income tax payable on the taxable profit for the year in accordance with Part III (Subsection 24) of the Nigeria Tax Act using the applicable statutory tax rates at the reporting date. Development Levy is assessed at 4% of assessable profits, in line with Part IV (Section 33) of the Nigeria Tax Act.
Deferred tax
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Current and deferred tax are recognised in the Statement of Profit or Loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Property, plant and equipment
1. Recognition and measurement
  Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses.
  Cost includes expenditure that is directly attributable to the acquisition of the asset. Assets under construction are disclosed as capital workin-progress. The cost of construction recognised includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located, and borrowing costs on qualifying assets.
  Purchased software that is integral to the functionality of the related equipment is capitalized as part of the equipment.
  When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.
  Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognized in the statement of profit or loss and other comprehensive income.
2. Subsequent costs
  The cost of replacing a part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred.
  (Registration number 11364)
  Unaudited Financial Statements for the interim period ended 31 March 2026
  Accounting Policies
  1. Property, plant and equipment (continued)
3. Depreciation
  Depreciation is calculated on the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its estimated residual value.
  Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment which reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Company will obtain ownership by the end of the lease term in which case the assets are depreciated over the useful life.
  The estimated useful lives for the current and comparative year are as follows:
  Freehold land Nil
  Buildings 50 years
  Tools and equipment 4 years
  Plant and equipment 15 years
  Furniture and fittings 5 years
  Motor vehicles 4 years
  Computer equipment 3 years
  Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate.
  Capital work-in-progress and freehold land are not depreciated. The attributable cost of each asset is transferred to the relevant asset category immediately the asset is available for use and depreciated accordingly.
  Properties in the course of construction for production, supply or administrative purposes, or for purposes not yet determined, are carried at cost, less any recognised impairment loss. Cost includes professional fees capitalised and determined to be directly required to bring the asset to the location and condition for intended use and, for qualifying assets, borrowing costs capitalised in accordance with the Company's accounting policy. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use.
  Depreciation is recognised so as to write off the cost of assets (other than properties under construction) less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis.
4. Derecognition
  An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in statement of profit or loss as other operating gains/(losses).
Leases

At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether:

the contract involves the use of an identified asset. This may be specified explicitly or implicitly. If the supplier has a substantive substitution right, then the asset is not identified,
the Company has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use, and
the Company has the right to direct the use of the asset. The Company has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used.
In rare cases where the decision about how and for what purpose the asset is used is predetermined, the Company has the right to direct the use of the asset if either:
the Company has the right to operate the asset; or

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 31 March 2026

Accounting Policies

Leases (continued)

- the Company designed the asset in a way that predetermines how and for what purpose it will be used.

The Company's leases include land, buildings (residential apartments) and warehouses. The lease terms are typically for fixed periods ranging from 2- 20 years but may have extension options as described below. On renewal of a lease, the terms may be renegotiated.

Contracts may contain both lease and non-lease components. The Company has elected not to separate lease and non-lease components and instead account for these as a single lease component. Lease terms are negotiated on an individual basis and contain different terms and conditions, including extension and termination options. The lease agreements do not impose any covenants, however, leased assets may not be used as security for borrowing purposes.

Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Company.

Lease liabilities

At the commencement date of a lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. Lease liabilities include the net present value of the following lease payments:

fixed payments (including in-substance fixed payments), less any lease incentives receivable
variable lease payments that are based on an index or a rate,
amounts expected to be payable by the Company under residual value guarantees,
the exercise price of a purchase option if the lessee is reasonably certain to exercise that option,
payments of penalties for terminating the lease, if the lease term reflects the Company's exercising that option.

Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The variable lease payments that do not depend on an index or a rate are recognised as expenses in the period in which the event or condition that triggers the payment occurs.

The lease payments are discounted using the Company's incremental borrowing rate (IBR) as the rate implicit in the lease cannot be readily determined. The IBR represents the rate that the Company would have to pay to borrow the funds necessary to obtain an asset of similar value to the right of use asset in a similar economic environment with similar terms, security and conditions.

To determine the incremental borrowing rate, the Company uses recent third-party financing received as a starting point, adjusted to reflect changes in financing conditions since third party financing was received or uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for its leases which does not have recent third-party financing, and makes adjustments specific to the lease, e.g. term, country, currency and security.

Lease payments are allocated between principal and interest expense. The interest expense is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced by the lease payments made, lease interest paid is presented as cash flow from financing. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset where applicable.

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 31 March 2026

Accounting Policies

Leases (continued) Right-of-use assets
Right-of-use assets are initially measured at cost, comprising of the following:
- the amount of the initial measurement of lease liability,
- any lease payments made at or before the commencement date, less any lease incentives received,
- any initial direct costs,
- restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term. If the Company is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset's useful life on a straight-line basis over the lease term.
Short-term lease and leases of low-value assets
Short-term leases are those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. Low-value assets are assets that have values less than N2,305,500 when new, and depends on the nature of the asset, e.g., small equipment. Lease payments on short-term leases and leases of low-value assets would be recognised as expenses in the Statement of Profit or Loss on a straight-line basis over the lease term.
Extension and termination options
Extension and termination options are included in the Company's lease arrangements. These are used to maximise operational flexibility in terms of managing the assets used in the Company's operations. Most of the extension options are subject to mutual agreement by the lessee and lessor and the termination options held are exercisable only by the lessee and the lessor.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost of raw materials, packaging materials, work in progress, oil and lubricants, engineering spares and consumable stock is determined on a weighted average basis. Cost of finished goods is determined on the basis of actual costs.
Cost of inventories comprises of all costs of purchase, conversion cost (materials, labour and overhead) and other costs incurred to bring inventories to their present location and condition. Finished goods, which include materials, direct labour and factory overheads, are valued at actual cost basis using First-In, First-Out (FIFO).
Costs, including an appropriate portion of fixed and variable overhead expenses, are assigned to inventories by the method most appropriate to the particular class of inventory, with the majority being valued on an average cost basis.
Provisions and contingencies
Provisions are recognised when:
- the Company has a present obligation as a result of a past event;
- it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and
- a reliable estimate can be made of the obligation (when the time value of money is material).
  The amount recognised as provision is the present value of the expenditure expected to be required to settle the obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.
  Where some or all of the expenditure required to settle a provision is expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
  If the Company has a contract that is onerous, the present obligation under the contract shall be recognised and measured as a provision. An onerous contract is considered to exist where the Company has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received from the contract.
  2.11 Provisions and contingencies (continued) Contingent liabilities
  A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company, or a present obligation that arises from past event but is not recognised because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or the amount of the obligation cannot be measured with sufficient reliability.
  Contingent liabilities are only disclosed and not recognised as liabilities in the statement of financial position, If the likelihood of an outflow of resources is remote, the possible obligation is neither a provision nor a contingent liability, and no disclosure is made.
  2.12 Financial instruments
  Financial instruments held by the Company are classified in accordance with the provisions of IFRS 9 Financial Instruments. Broadly, the classification possibilities, which are adopted by the Company, as applicable, are as follows:
  Financial assets which are debt instruments:
  - Amortised cost. (This category applies only when the contractual terms of the instrument give rise, on specified dates, to cash flows that are solely payments of principal and interest on principal, and where the instrument is held under a business model whose objective is met by holding the instrument to collect contractual cash flows).
    Financial liabilities:
  - Amortised cost; or
  - Mandatorily at fair value through statement of profit or loss (This applies to liabilities which are held for trading).
  Note 33 Financial instruments and risk management presents the financial instruments held by the Company based on their specific classifications.
  All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.
  The specific accounting policies for the classification, recognition and measurement of each type of financial instrument held by the Company are presented below:
  Offsetting financial instruments
  Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a currently legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in event of default, insolvency or bankruptcy of the Company or the counterparty.
  Trade and other receivables Classification
  (Increase) in trade and other receivables, excluding, when applicable, VAT, WHT and prepayments, are classified as financial assets and subsequently measured at amortised cost (note 19).
  They have been classified in this manner because their contractual terms give rise, on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding, and the Company's business model is to collect the contractual cash flows on (increase) in trade and other receivables.
  (Registration number 11364)
  Unaudited Financial Statements for the interim period ended 31 March 2026
  Accounting Policies
Financial instruments (continued)

Recognition and measurement

(Increase) in trade and other receivables are recognised when the Company becomes a party to the contractual provisions of the receivables. They are measured, at initial recognition, at fair value plus transaction costs, if any.

They are subsequently measured at amortised cost.

The amortised cost is the amount recognised on the receivable initially, minus principal repayments, plus cumulative amortisation (interest) using the effective interest method of any difference between the initial amount and the maturity amount, adjusted for any loss allowance.

Measurement and recognition of expected credit losses

Nascon Allied Industries Plc applies the simplified approach or the three-stage general approach to determine impairment of receivables depending on their respective nature. The simplified approach is applied for trade receivables while the general approach is applied to other receivables and cash and bank balances. The Company applies a simplified approach in calculating ECLs on its trade receivables by recognising a loss allowance that is based on the lifetime ECLs at each reporting date using the provision matrix. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument.

The three-stage approach assesses impairment based on changes in credit risk since initial recognition using the past due criterion, prudential classification and forbearance flag or other regulatory penalties that may impair future financial performance. Financial assets classified as stage 1 have their ECL measured as a proportion of their lifetime ECL that results from possible default events that can occur within one year, while assets in stage 2 or 3 have their ECL measured on a lifetime basis.

Under the three-stage approach, the ECL is determined by projecting the probability of default (PD), loss given default (LGD) and exposure at default (EAD) for each individual exposure. The PD is based on default rates determined by external rating agencies for the counterparties. The LGD is determined based on management's estimate of expected cash recoveries after considering the historical pattern of the receivable and assessing the portion of the outstanding receivable that is deemed to be irrecoverable at the reporting period. The EAD is the total amount of outstanding receivable at the reporting period. These three components are multiplied together and adjusted for forward looking information, such as the Gross Domestic Product (GDP) in Nigeria, Brent oil price, and inflation rate, to arrive at an ECL which is then discounted back to the reporting date and summed. The discount rate used in the ECL calculation is the original effective interest rate or an approximation thereof.

Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the related financial assets and the amount of the loss is recognised in profit or loss and presented on the face of the statement of profit or loss.

Write off policy

The Company writes off a receivable when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings. Receivables written off may still be subject to enforcement activities under the Company's recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in the Statement of Profit or Loss.

Credit risk

Details of credit risk are included in the (increase) in trade and other receivables note (note 19) and the financial instruments and risk management note (note 33).

Financial instruments (continued) Derecognition
Refer to note 2.12.1 section of the accounting policy for the policies and processes related to derecognition.
Borrowings Classification
Borrowings consist of Usance credit facility from bank. They are classified as financial liabilities subsequently measured at amortised cost.
Recognition and measurement
Borrowings are recognised when the Company becomes a party to the contractual provisions of the loan. The loans are measured, at initial recognition, at fair value plus transaction costs, if any.
They are subsequently measured at amortised cost using the effective interest method.
Interest expense, calculated on the effective interest method, is included in profit or loss in finance cost (note 12).
Borrowings expose the Company to liquidity risk and interest rate risk. Refer to note 33 for details of risk exposure and management thereof.
Derecognition
Refer to note 2.12.1 section of the accounting policy for the policies and processes related to derecognition.
Trade and other payables Classification
Trade and other payables (note 30), excluding VAT and amounts received in advance, are classified as financial liabilities subsequently measured at amortised cost.
Recognition and measurement
They are recognised when the Company becomes a party to the contractual provisions, and are measured, on initial recognition, at fair value plus transaction costs, if any.
They are subsequently measured at amortised cost using the effective interest method.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a financial liability.
If trade and other payables contain a significant financing component, and the effective interest method results in the recognition of interest expense, then it is included in profit or loss in finance cost (Note 12).
Trade and other payables expose the Company to liquidity risk and possibly to interest rate risk. Refer to note 33 for details of risk exposure and management thereof.
Derecognition
Refer to note 2.12.1 section of the accounting policy for the policies and processes related to derecognition.
(Registration number 11364)
Unaudited Financial Statements for the interim period ended 31 March 2026
Accounting Policies
1. Financial instruments (continued) Cash and cash equivalents
  Cash and cash equivalents comprises of cash on hand and bank balances. Cash and cash equivalents are stated at carrying amounts which are deemed to be at fair value. They are subsequently measured at amortised cost.
  Cash and cash equivalents are repayable on demand; hence no impairment was determined for cash and cash equivalents. Due to the liquid nature of cash and cash equivalents, management believes that the ECL on them will be immaterial for recognition.
  1. Derecognition Financial assets
    The Company derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.
    Financial liabilities
    The Company derecognises financial liabilities when, and only when, the Company obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non cash assets transferred or liabilities assumed, is recognised in profit or loss.
    Reclassification Financial assets
    The Company only reclassifies affected financial assets if there is a change in the business model for managing financial assets. If a reclassification is necessary, it is applied prospectively from the reclassification date. Any previously stated gains, losses or interest are not restated.
    The reclassification date is the beginning of the first reporting period following the change in business model which necessitates a reclassification.
    Financial liabilities
    Financial liabilities are not reclassified.
2. Contract Liabilities
Contract liabilities represent amounts received from customers for which the Company has not yet transferred the promised goods. These liabilities arise when customers make prepayments or when the Company issues invoices in advance of the delivery of salt products or related services.
Customers make advance payments for salt products or other services. Billing occurs before the fulfillment of the Company's performance obligations, such as product delivery or service completion.
Contract liabilities are measured at the transaction price allocated to the undelivered portion of the order. The liability is reduced as performance obligations are fulfilled by delivering goods to customers.
Contract liabilities are presented under current liabilities on the statement of financial position unless the obligation will not be fulfilled within 12 months, in which case they are classified as non-current liabilities.
Examples are:
- Prepayments by distributors or wholesalers for bulk orders.
- Deferred revenue for forward delivery agreements with key customers.
Contract Liabilities (continued)
- Deposits received for customized salt products or packaging services.
  The following details about contract liabilities are disclosed in the financial statements;
- Opening and closing balances of contract liabilities.
- Revenue recognised during the period from amounts included in contract liabilities at the beginning of the period.
- Payments received in advance of delivery of performance obligations.
Borrowing costs
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part of the cost of that asset until the asset is ready for its intended use.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.
All other borrowing costs are recognised as an expense in the period in which they are incurred.
Share capital and equity
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.
Ordinary shares are recognised at par value and classified as 'share capital' in equity. Any amounts received from the issue of shares in excess of par value is classified as 'share premium' in equity. Dividends are recognised as a liability in the Company in which they are declared.
Earnings per share

The Company presents Basic Earnings Per Share (EPS) for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year.

Diluted EPS is determined by adjusting the profit or loss that is attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for effects of all dilutive potential ordinary shares.

Critical accounting judgement and key sources of estimation uncertainty
In the application of the Company's material accounting policies, described in Note 2, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
1. Key sources of estimation uncertainty
  The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below.
  1. Useful lives of property, plant and equipment
    The Company reviewed and revised the estimated useful lives of its property. Useful lives are estimated based on the engineer's report, as at each reporting date. Some of the factors considered include the current service potential of the assets, potential cost of repairs and maintenance.
    There is a degree of subjective judgment in such estimation which has a resultant impact on profit and total comprehensive income for the year.
    (Registration number 11364)
    Unaudited Financial Statements for the interim period ended 31 March 2026
    Accounting Policies 3 Critical accounting judgement and key sources of estimation uncertainty (continued)
  2. Allowances for credit losses
    The loss allowances for financial assets are based on assumptions about risk of default, expected loss rates and maximum contractual period. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Company's history, existing market conditions as well as forward looking estimates at the end of each reporting period.
  3. Lease term
    The application of IFRS 16 requires the directors to make judgements that affect the measurement of lease liabilities. These include identifying the contract tenure, determining the terms of the fixed and variable lease payments, accounting for contract modifications and determining the discount rate to be applied to historic leases.
    The Company has applied judgement to determine the lease tenure for those lease contracts that include a renewal or termination option. The assessment of whether the company is reasonably certain to exercise a renewal option or reasonably certain not to exercise a termination option significantly impacts the value of lease liabilities recognised on the balance sheet. Where an extension option exists, the company recognises this as part of the lease liability as invariably this is exercised. The company also revised some lease liabilities when the lease term was modified. This required exercise of judgement in accounting for changes in contract terms. Estimates are also required to determine the appropriate discount rate used to measure lease liabilities.
  4. Deferred tax assets

Deferred tax assets are recognised for deductible temporary differences, unused tax losses and unused tax credits to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Management judgement is required to determine the amount of deferred tax assets that can be recognised, based on the likely timing and level of future taxable profits, together with future tax planning strategies. In determining the timing and level of future taxable profits together with future tax planning strategies, Management assessed the probability of expected future taxable profits based on expected revenues for the next five years. Details of the Company's recognised and unrecognised deferred tax assets and liabilities are as disclosed in Note 14.

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 31 March 2026

Notes to the Unaudited Financial Statements Reviewed 3 Months ended 31 March 2026 Reviewed 3 Months ended 31 March 2025 Audited 12 Months ended 31 December 2025

N'000 N '000 N'000

Revenue Revenue from contracts with customers
Sale of goods 39,342,579 41,852,542 152,686,973
Revenue is recognised at a point in time

Segmental information

The Company has identified period reportable segments which represent the structure used by the Management to make key operating decisions and assess performance.

The Company's reportable segments are treated as operating segments which are differentiated by the activities that each undertake, the products they manufacture and the markets they operate in.

Segmental revenue and results

The Management assesses the performance of the operating segments based on the measure of gross profit. This measure excludes the effects of non-recurring expenditure from the operating segments. The measure also excludes the effects of unrealised gains/(losses) on financial instruments. Interest income and expenditure are not allocated to operating segments, as this type of activity is driven by the central treasury function. This measure is consistent with all prior periods which are presented.

Geographical information

East	2,677,748	1,869,648	8,554,898
West	6,641,677	7,721,332	28,403,945
North	30,023,154	32,261,562	115,728,130
Total	39,342,579	41,852,542	152,686,973

Cost of sales

Raw materials consumed	16,287,825	21,444,277	69,516,760
Employee costs	602,654	520,347	2,065,158
Depreciation of property, plant and equipment	153,579	152,231	596,347
Depreciation of right of use assets	103,548	97,349	433,198
Manufacturing expenses	1,745,987	1,742,343	6,127,272
Total	18,893,593	23,956,547	78,738,735

Other income

Sale of scrap	7,439	21,035	192,469
Insurance claim	-	2,187	21,492
Rental income	5,542	-	22,167
Total	12,981	23,222	236,128

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 31 March 2026 Notes to the Unaudited Financial Statements
	Reviewed 3 Months ended 31 March 2026 N'000	Reviewed 3 Months ended 31 March 2025 N '000	Audited 12 Months ended 31 December 2025 N'000
8. Other operating gains/(losses)
Gains/(losses) on disposals, scrappings and settlements Property, plant and equipment	1,304	(262,811)	(261,511)
Foreign exchange gains/(losses) Net foreign exchange gains/ (losses)	317,932	(55,381)	(1,421,789)
Total operating gains/(losses)	319,236	(318,192)	(1,683,300)
9. (Increase in)/Writeback of impairment allowance
Trade receivables Impairment writeback on trade receivables (Note 19)	-	-	53,333
Impairment writeback on intercompany receivables (Note 19)	-	-	5,153
Impairment on staff loans (Note 19)	-	-	5,098
Total	-	-	63,584
10. Operating expenses
10.1 Distribution cost
Market activation	108,625	36,942	502,644
Branding expenses	183,502	23,537	616,994
Delivery expenses	3,996,128	4,839,080	18,455,922
Depreciation of trucks	1,354,548	219,796	1,131,241
Total	5,642,803	5,119,355	20,706,801

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 31 March 2026 Notes to the Unaudited Financial Statements
	Reviewed 3 Months ended 31 March 2026 N'000	Reviewed 3 Months ended 31 March 2025 N '000	Audited 12 Months ended 31 December 2025 N'000
10. Operating expenses (continued)
10.2 Administrative expenses
Management fees	99,984	86,984	469,018
Auditors remuneration	18,000	13,125	60,000
Bank charges	40,531	24,687	118,197
Cleaning	22,746	30,521	143,583
Consulting and professional fees	56,914	82,864	124,116
Depreciation of property, plant and equipment	135,147	142,496	560,600
Depreciation of right of use assets	-	724	2,445
Directors remuneration	102,773	110,154	634,580
Employee costs	1,075,126	880,914	3,490,308
Entertainment	21,053	22,967	113,906
Business development	39,588	13,713	88,141
Insurance	42,612	35,160	119,166
Petrol and oil	29,748	30,288	128,236
Printing and stationery	11,963	14,690	48,362
Repairs and maintenance	14,683	31,242	133,347
Secretarial fees	27,812	81,923	46,674
Security	64,938	58,374	249,054
Staff welfare	118,891	89,789	279,613
Telephone and fax	441,465	131,258	1,331,137
Travel - local	233,491	176,802	796,540
Travel - overseas	384	-	24,622
Total	2,597,849	2,058,675	8,961,645
11. Finance income
Interest income on short term fixed deposit	2,526,473	1,099,639	6,006,200
12. Finance cost
Interest expense on borrowings	159	125,781	284,664
Interest expense on lease liabilities	86,322	86,578	374,403
Total interest paid	86,481	212,359	659,067

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 31 March 2026 Notes to the Unaudited Financial Statements
	Reviewed 3 Months ended 31 March 2026 N'000	Reviewed 3 Months ended 31 March 2025 N '000	Audited 12 Months ended 31 December 2025 N'000
13. Taxation
Major components of the tax expense
Current Company Income Tax	4,494,164	3,393,082	13,963,776
Tertiary Education Tax	-	339,308	1,690,974
Police Trust Fund Levy	-	-	2,412
Development Levy	599,222	-	-
Adjustments recognised in the current year in relation to tax of prior year	-	-	248,162
	5,093,386	3,732,390	15,905,324
Split between current and deferred tax
Current tax	5,093,386	3,732,390	15,905,324
Deferred tax	-	-	(1,191,369)
Total	5,093,386	3,732,390	14,713,955

The charge for taxation in these unaudited financial statements is based on the provisions of the Nigerian Tax Act 2025 Part III (Section 24) and Part IV (Section 33). Companies Income Tax and Development levy are calculated at 30% and 4% respectively of the estimated taxable profit for the year.

The charge for the year can be reconciled to the profit per the statement of comprehensive income as follows:

Current tax liabilities in the statement of financial position Current tax payable
1 January	15,580,910	4,876,046	4,876,046
Charge for the year	5,093,387	3,732,390	15,905,324
Payment during the year	-	-	(5,200,460)
At end of period	20,674,297	8,608,436	15,580,910

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 31 March 2026 Notes to the Unaudited Financial Statements
	Reviewed 3 Months ended 31 March 2026 N'000	Reviewed 3 Months ended 31 March 2025 N '000	Audited 12 Months ended 31 December 2025 N'000
14. Deferred tax
Property plant and equipment	(4,239,908)	(5,431,277)	(4,832,116)
Allowance for doubtful debt	-	-	106,212
Unrealised exchange difference	-	-	353,512
IFRS 16 Leases	-	-	132,484
Total deferred tax	(4,239,908)	(5,431,277)	(4,239,908)
Split between assets and liabilities
Current liabilities	(5,431,277)	(5,659,321)	(5,431,277)
Current assets	1,191,369	228,044	1,191,369
	(4,239,908)	(5,431,277)	(4,239,908)
15. Earnings per share
Basic earnings per share From continuing operations (kobo per share)	1,463	1,122	1,241
Basic earnings per share
Reconciliation of earnings Profit or loss for the year attributable to equity holders	9,887,157	7,577,885	33,529,283
Weighted average number of ordinary shares as at 31 March 2026 ('000)	2,702,427	2,702,427	2,702,427

The Company has no potentially dilutive shares. Accordingly, the basic EPS and diluted EPS have the same values.

Nascon Allied Industries Plc

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 31 March 2026

Notes to the Unaudited Financial Statements 16. Property, plant and equipment Reconciliation of property, plant and equipment

	Freehold Land	Buildings	Tools and equipment	Plant and machinery	Furniture and fittings	Motor vehicles	Computer equipment	Capital - Work in progress	Total
	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
Cost At 01 January 2025	70,000	4,247,688	992,648	8,758,930	550,568	10,000,173	327,230	76,942	25,024,179
Additions	-	414,663	192,804	363,501	124,106	11,176,604	110,246	11,335,818	23,717,742
Disposals and scrappings	-	(254,949)	(338,920)	(1,208,818)	(136,783)	(921,471)	(49,738)	-	(2,910,679)
At 31 December 2025	70,000	4,407,402	846,532	7,913,613	537,891	20,255,306	387,738	11,412,760	45,831,242
Additions	-	-	113,784	-	-	72,192	14,076	259,203	459,255
Disposals and scrappings	-	-	-	-	-	(13,043)	-	-	(13,043)
Reclassifications	-	-	-	-	-	11,058,798	-	(11,058,798)	-
At 31 March 2026	70,000	4,407,402	960,316	7,913,613	537,891	31,373,253	401,814	613,165	46,277,454
Depreciation and impairment At 01 January 2025	-	(461,722)	(691,140)	(3,771,430)	(348,983)	(7,155,159)	(255,733)	-	(12,684,167)
Charge for the year	-	(81,932)	(136,240)	(514,415)	(91,509)	(1,416,266)	(47,826)	-	(2,288,188)
Disposal	-	74,919	338,919	1,147,277	128,965	899,453	49,737	-	2,639,270
At 31 December 2025	-	(468,735)	(488,461)	(3,138,568)	(311,527)	(7,671,972)	(253,822)	-	(12,333,085)
Depreciation	-	(22,044)	(42,625)	(131,535)	(19,602)	(1,410,177)	(17,292)	-	(1,643,275)
Disposal	-	-	-	-	-	13,043	-	-	13,043
At 31 March 2026	-	(490,779)	(531,086)	(3,270,103)	(331,129)	(9,069,106)	(271,114)	-	(13,963,317)
Carrying amount
Cost	70,000	4,407,402	846,532	7,913,613	537,891	20,255,306	387,738	11,412,760	45,831,242
Accumulated depreciation and impairment	-	(468,735)	(488,461)	(3,138,568)	(311,527)	(7,671,972)	(253,822)	-	(12,333,085)
At 31 December 2025	70,000	3,938,667	358,071	4,775,045	226,364	12,583,334	133,916	11,412,760	33,498,157
Cost	70,000	4,407,402	960,316	7,913,613	537,891	31,373,253	401,814	613,166	46,277,455
Accumulated depreciation and impairment	-	(490,779)	(531,086)	(3,270,103)	(331,129)	(9,069,106)	(271,114)	-	(13,963,317)
At 31 March 2026	70,000	3,916,623	429,230	4,643,510	206,762	22,304,147	130,700	613,166	32,314,138

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 31 March 2026

Notes to the Unaudited Financial Statements

Property, plant and equipment (continued)

Capital Work-in-progress
Work-in-progress comprises the amount expended on renovation of administrative and edible buildings at Salt Village plant.

Asset pledged as security

None of the Company's assets were pledged as security for any liabilities as at 31 March, 2026 (2025:Nil).

16.3 Sale of Property, plant and equipment
	Reviewed 3 Months ended 31 March 2026 N'000	Reviewed 3 Months ended 31 March 2025 N'000	Audited 12 Months ended 31 December 2025 N'000
Net book value of disposed assets	-	271,411	271,411
Proceeds from sales	(1,304)	(8,600)	(9,900)
(Gains)/losses on disposals	(1,304)	262,811	261,511

Nascon Allied Industries Plc

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 31 March 2026

Notes to the Unaudited Financial Statements

Right of Use Assets Right of Use Asset

	Land N'000	Buildings N'000	Total N'000
Cost At 1 January 2025	2,853,073	2,418,311	5,271,384
Reassessment	-	169,255	169,255
At 31 December 2025	2,853,073	2,587,566	5,440,639
1 January 2026	2,853,073	2,587,566	5,440,639
Additions	-	-	-
At 31 March 2026	2,853,073	2,587,566	5,440,639
Depreciation At 1 January 2025	(331,315)	(1,199,042)	(1,530,357)
Depreciation	(165,431)	(270,212)	(435,643)
At 31 December 2025	(496,746)	(1,469,254)	(1,966,000)
At 1 January 2026	(496,746)	(1,469,254)	(1,966,000)
Depreciation	(40,791)	(62,757)	(103,548)
At 31 March 2026	(537,537)	(1,532,011)	(2,069,548)
Carrying amount Cost	2,853,073	2,587,566	5,440,639
Accumulated depreciation	(496,746)	(1,469,254)	(1,966,000)
At 31 December 2025	2,356,327	1,118,312	3,474,639
Cost	2,853,073	2,587,566	5,440,639
Accumulated depreciation	(537,537)	(1,532,011)	(2,069,548)
At 31 March 2026	2,315,536	1,055,555	3,371,091

(Registration number 11364) Unaudited Financial Statements for the interim period ended 31 March 2026 Notes to the Unaudited Financial Statements
	Reviewed 3 Months ended 31 March 2026 N'000	Reviewed 3 Months ended 31 March 2025 N'000	Audited 12 Months ended 31 December 2025 N'000
18. Inventories
Raw materials	6,902,354	10,668,937	8,471,788
Work-in-progress	1,245	1,245	2,423
Finished goods	2,753,295	877,100	2,217,395
Spare parts and consumables	3,256,436	3,218,315	3,321,022
Oil and lubricants	433,356	292,376	345,835
Packaging materials	995,252	2,241,955	1,331,024
	14,341,938	17,299,928	15,689,487
During the year, there were no inventory written down/reversal to net realisable value.

The cost of inventories recognised as an expense during the year in respect of continuing operations was N16.29 billion (2025: N21.44 billion)

18.1 Inventory pledged as security
No inventory was pledged as security for any liability (2025: Nil).
19. Trade and other receivables
Financial instruments: Trade receivables	2,468,007	3,640,948	1,903,847
Trade receivables - related parties (Note 34)	55,829,284	11,298,723	37,189,674
Loss allowance	(137,870)	(196,357)	(137,870)
	58,159,421	14,743,314	38,955,651
Interest receivables	764,534	1,299,233	564,905
Employee loans and advances	963,893	707,236	264,417
Loss allowance on employee loans and advances	(21,229)	(26,327)	(21,229)
Non-financial instruments: VAT	297,756	-	194,294
Other receivables	60,101	1,109,749	61,089
	60,224,476	17,833,205	40,019,127
Exposure to credit risk

Trade receivables inherently expose the company to credit risk, being the risk that the company will incur financial loss if customers fail to make payments as they fall due.

Reconciliation of loss allowances

The following table shows the movement in the loss allowance (lifetime expected credit losses) for trade and other receivables:

Opening balance in accordance with IFRS 9	(159,100)	(222,684)	(222,684)
Impairment write back on new related party receivables	-	-	5,153
Impairment write back on settled trade receivables	-	-	53,333
Impairment write back on staff loan	-	-	5,098
	(159,100)	(222,684)	(159,100)

	Reviewed 3 Months ended 31 March 2026 N'000	Reviewed 3 Months ended 31 March 2025 N'000	Audited 12 Months ended 31 December 2025 N'000
19. Trade and other receivables (continued)
The reconciliation of gross carrying amount for Nascon is as follows:
Gross carrying amount as at 1 January	5,590,805	11,461,068	11,471,068
Revenue from third parties	39,342,579	41,852,542 152,686,973
Receipts from third parties	(37,975,344)	(38,373,939) (158,567,236)
Gross carrying amount	6,958,040	14,939,671	5,590,805
20. Other financial assets
Securities held at amortised cost Fixed deposit	764,569	635,901	764,569

The fixed deposit balance represents the aggregate amounts of dividends that remained unclaimed after 15 months or more which the Registrars returned to the Company in line with Securities and Exchange Commission (SEC) regulations and is invested with Meristem Wealth Management Limited.

21. Other assets Insurance prepaid	-	(3,246)	-
Deposit for import	156,005	1,500,772	178,679
Promotional items	8,798	102,674	9,057
Prepayment-Others	93,654	-	-
Total	258,457	1,600,200	187,736
22. Cash and cash equivalents
Cash and cash equivalents consist of: Cash on hand	3,713	3,973	2,923
Bank balances	49,488,633	37,907,727	41,629,320
Total	49,492,346	37,911,700	41,632,243

(Registration number 11364) Unaudited Financial Statements for the interim period ended 31 March 2026 Notes to the Unaudited Financial Statements
	Reviewed 3 Months ended 31 March 2026 N'000	Reviewed 3 Months ended 31 March 2025 N'000	Audited 12 Months ended 31 December 2025 N'000
23. Share capital Authorised, issued and fully paid
2,702,427,145 ordinary shares of 50k each	1,351,213	1,351,213	1,351,213
24. Share premium
Issued
Share premium	434,037	434,037	434,037
25. Retained earnings
Opening balance	69,394,638	41,270,210	41,270,210
Profit for the year	9,887,157	7,577,885	33,529,282
Dividend declared and paid	-	-	(5,404,854)
Total	79,281,795	48,848,095	69,394,638

In respect of the year ended 31 December 2025, at the Board meeting held on 23 February 2026, the Directors proposed that a dividend of 600 kobo per ordinary share be paid to shareholders. The dividend is subject to approval by shareholders at the Annual General Meeting and deduction of withholding tax at the appropriate rate. Consequently, it has not been included as a liability in these financial statements. The total estimated dividend to be paid stood at N16.2 billion

	Reviewed 3 Months ended 31 March 2026 N'000	Reviewed 3 Months ended 31 March 2025 N'000	Audited 12 Months ended 31 December 2025 N'000
26. Dividend payable
At 1 January	-	-	-
Dividend declared	-	-	5,404,914
Payments- Meristem Registrars	-	-	(5,404,914)
Total	-	-	-
27. Borrowings
At 1 January	66,525	2,860,226	2,860,226
Interest expense	159	125,781	284,664
Principal repayment	(1,484)	(1,715,629)	(2,793,701)
Interest paid	(159)	(125,781)	(284,664)
Total	65,041	1,144,597	66,525
Split between non-current and current portions
Non-current liabilities	38,570	38,570	38,570
Current liabilities	26,471	1,106,027	27,955
Total	65,041	1,144,597	66,525

At the time of privatisation in 1992, the debt owed to the Federal Government of Nigeria by the Company (N38.570 million) was restructured by the Bureau for Public Enterprise. This is a non interest bearing loan. The Board of Directors have taken steps to obtain a waiver of the loan from the Federal Government of Nigeria and currently awaiting a response.

The Company had a Usance facility with Zenith Bank Plc and Access Bank Plc an average rate of 10.62% per annum. The value of the borrowing was based on drawdown of the facility.

28. Lease liabilities
Lease liabilities	Land N'000	Building N'000	Total N'000
Opening balance as at 1 January 2026	2,765,090	957,753	3,722,843
Interest expenses	62,115	24,206	86,321
Payments made during the year	(83,333)	(29,875)	(113,208)
Balance 31 March 2026	2,743,872	952,084	3,695,956
Lease liabilities Current	21,218	5,669	26,887
Non-current	2,722,654	946,415	3,669,069
Total	2,743,872	952,084	3,695,956

(Registration number 11364) Unaudited Financial Statements for the interim period ended 31 March 2026 Notes to the Unaudited Financial Statements
	Reviewed 3 Months ended 31 March 2026 N'000	Reviewed 3 Months ended 31 March 2025 N'000	Audited 12 Months ended 31 December 2025 N'000
28. Lease liabilities (continued)
Lease liabilities	Land N'000	Building N'000	Total N'000
Opening balance as at 1 January 2025	2,842,072	1,061,145	3,903,217
Interest expenses	256,351	118,052	374,403
Payments made during the year	(333,333)	(390,698)	(724,031)
Reassessment	-	169,254	169,254
Balance 31 December 2025	2,765,090	957,753	3,722,843
Lease liabilities Current	84,315	219,086	303,401
Non-current	2,680,775	738,667	3,419,442
Total	2,765,090	957,753	3,722,843
29. Retirement benefit obligations Movement in gratuity At beginning of the period	110,834	122,258	122,258
Benefit paid	(3,643)	(6,241)	(11,424)
Total	107,191	116,017	110,834

The entity was operating a defined benefit plan for its permanent Nigerian staff, the benefits under which are related to employees' length of service and final remuneration.

However, the Board resolved to eliminate the scheme effective January, 2013. The valuation of the liabilities is as of that date. The balance as at 31 March, 2026 represents what is owed to staff who are still in the service from the old scheme. Payments are disbursed to staff upon disengagement from the company.

As at 31 March 2026 no fund has been set up from which payments can be disbursed.

Defined contribution plan

The employees of the Company are members of a Defined Contribution Pension plan administered by third-party Pension Fund Administrators under the Pension Reform Act of 2014. The assets of the plan are held separately from those of the Company. The scheme is funded in accordance with the Pension Reform Act of 2014 with the employee and employer contribution representing 8% and 10% respectively of the employee's relevant emoluments effective July 2014.

Staff pension
At beginning of the period	20,916	-	-
Contributions during the year	165,043	106,085	428,499
Remittance in the year	(154,033)	(106,085)	(407,583)
Total	31,926	-	20,916

Reviewed 3 Months ended 31 March 2026 Reviewed 3 Months ended 31 March 2025 Audited 12 Months ended 31 December 2025 N'000 N'000 N'000 29. Retirement benefit obligations (continued)

The only obligation of the Company with respect to the pension scheme is to make the specified contributions. The total expense recognised in profit or loss of N91.49 million (2025: N59.60 million) represents contributions payable to this plan by the Company as at 31 March, 2026.

30. Trade and other payables
Financial instruments:
Trade payables	21,221,606	4,276,164	19,728,973
Amounts due to related parties (Note 34)	11,896,796	4,643,948	4,148,998
Unclaimed dividend	764,569	635,901	764,569
Accrued expenses	9,313,396	4,651,979	6,432,937
Other payables	88,311	32,572	72,236
Staff pension	31,926	-	20,916
Non-financial instruments
Accrued audit fees	18,000	13,125	30,750
Other accrued expenses	1,990,787	2,375,282	2,400,252
Value added tax	-	90,849	-
Witholding tax payable	25,477	56,605	88,807
Total	45,350,868	16,776,425	33,688,438

Trade creditors and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 30 days. For most suppliers, no interest is charged on the trade payables. The Directors consider that the carrying amount of trade payables approximates to the fair value.

Accrued expenses comprise of provision for haulage services, customers performance bonus and provision for services and products delivered not yet pay for.

31. Contract liabilities
Summary of contract liabilities Advance payment from customers	5,566,707	4,221,492	6,676,611
Reconciliation of contract liabilities
Opening balance	6,676,611	5,509,920	5,509,920
Revenue recognised on delivery of goods previously paid for	(6,676,611)	(5,459,980)	(5,509,920)
Payments received in advance of delivery of performance obligations	5,566,707	4,171,552	6,676,611
Total	5,566,707	4,221,492	6,676,611

(Registration number 11364) Unaudited Financial Statements for the interim period ended 31 March 2026 Notes to the Unaudited Financial Statements
		Reviewed 3 Months ended 31 March 2026 N'000	Reviewed 3 Months ended 31 March 2025 N'000	Audited 12 Months ended 31 December 2025 N'000
32. Cash generated from operations
Profit before taxation Adjustments for: Depreciation property, plant and equipment	16	14,980,543 1,643,273	11,310,275 514,524	48,243,237 2,288,188
Depreciation right of use asset	17	103,548	98,073	435,643
Gains/(Losses) on disposal of property, plant and equipment	8	(1,304)	262,811	261,511
Interest received	11	(2,526,473)	(1,099,639)	(6,006,200)
Interest paid	12	86,481	212,359	659,067
Impairment (reversal) for credit losses	9	-	-	(63,584)
Perfomance obligation on contract liabilities	31	(6,676,611)	(5,459,980)	(5,509,920)
Changes in working capital: Decrease in inventories	18	1,347,549	961,178	2,571,619
(Increase) in trade and other receivables	19	(20,205,349)	(609,765)	(22,795,687)
(Increase) /Decrease in other assets	21	(70,721)	651	1,413,115
Increase in trade and other payable	30	11,662,430	4,032,341	20,944,355
Contract liabilities	31	5,566,707	4,171,552	6,676,611
Cash generated from operations		5,910,073	14,394,380	49,117,955
33. Financial instruments and risk management
33.1 Capital risk management

The capital structure of the Company consists of net debt (which includes the borrowings disclosed in Note 27), offset by cash and bank balances and equity attributable to equity holders, comprising issued capital, reserves and retained earnings as disclosed in relevant notes in the financial statements. The Company monitors its capital structure to ensure that the target debt equity ratio as stated in its debt covenants is not exceeded. The Company is not subject to any externally imposed capital requirements.

The capital structure and gearing ratio of the Company at the reporting date was as follows:

Borrowings	Notes 27	N'000 65,041	N'000 1,144,597	N'000 66,525
Lease liabilities	28	3,695,957	3,885,854	3,722,843
Trade and other payables	30	15,689,559	16,776,425	33,688,438
Total debts		19,450,557	21,806,876	37,477,806
Cash and cash equivalents	22	(49,492,345)	(37,911,700)	(41,632,242)
Net debts		(30,041,788)	(16,104,824)	(4,154,436)
Equity		81,067,045	50,633,345	71,179,888

Net debt gearing ratio

(37)%

(32)%

(6)%

The company has more cash equivalent than its financial obligations and therefore is not geared.

33.2 Financial risk management

Credit risk management
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company has adopted a policy of only dealing with creditworthy counterparty and obtaining sufficient collateral where appropriate (bank guarantee and insurance bonds), as a means of mitigating the risk of financial loss from defaults. The Company only transacts with entities that are rated the equivalent of investment grade and above. This information is supplied by independent rating agencies where available, and if not available, the Company uses other publicly available financial information, customers' financial position, past trading relationship, its own trading records and other factors to rate its major customers. The Company's exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved by the risk management team periodically.
Trade receivables consist of a large number of customers, spread across diverse industries and geographical areas. Ongoing credit evaluation is performed on the financial condition of accounts receivable and where appropriate, credit guarantee insurance cover is purchased.
About 86% (2025: 71%) of the trade receivables are due from Bulk Commodities Limited, a related party, for rebate on purchase of Salt. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are otherwise diverse including both corporate entities and lots of individual end users. The requirement for impairment is analyzed at each reporting date on an individual basis for corporate and individual customers.
Liquidity risk management

The ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an appropriate liquidity risk management framework for the management of the Company's short, medium and long-term funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

The following tables detail the Company's remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The table includes both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amount is derived from interest rate curves at the statement of financial position date. The contractual maturity is based on the earliest date on which the Company may be required to pay.

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 31 March 2026

Notes to the Unaudited Financial Statements Liquidity risk management (continued)

31 March 2026
	Notes	0-3 months N'000	4-6 months N'000	7-12 months N'000	Over 1 year N'000	Total N'000	Carrying amount N'000
Borrowings	27	-	-	26,471	38,570	65,041	65,041
Lease liabilities	28	26,887	-	-	3,669,070	3,695,957	3,695,957
Trade and other payables		30	32,791,961	10,501,800	22,843	43,316,604	43,316,604
Total financial liabilities		32,818,848	10,501,800	49,314	3,707,640	47,077,602	47,130,960
31 December 2025
		0-3 months N'000	4-6 months N'000	7-12 months N'000	Over 1 year N'000	Total N'000	Carrying amount N'000
Borrowings	27	-	-	27,955	38,570	66,525	66,525
Lease liabilities	28	143,924	143,924	287,828	5,467,019	6,042,695	6,042,715
Trade and other payables		30	22,539,925	8,628,713	31,168,638	31,168,629
Total financial liabilities		22,683,849	8,772,637	315,783	5,505,589	37,277,858	37,609,225
33.4 Foreign currency risk

The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The Company is mainly exposed to USD. It monitors the movement in currency rates on an ongoing basis to mitigate the risk that the movements in the exchange rates may adversely affect the Company's income or value of their holdings of financial instruments.

33.5 Deposits with banks and other financial institutions

Credit risk from balances with banks and financial institutions is managed by the Company's treasury department in accordance with its corporate treasury policy that spells out counterparty limits, list of financial institutions that the Company deals with and the maximum tenure of fixed term funds. Surplus funds are spread amongst these institutions and funds must be within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the Corporate Treasurer periodically and may be updated throughout the year. The limits are set to minimize the concentration of risks and therefore mitigate financial loss through the potential counterparty's failure.

34. Related parties Related party balances
	Reviewed	Reviewed	Audited
	3 Months	3 Months	12 Months
	ended	ended	ended
	31 March	31 March	31 December
	2026	2025	2025
	N'000	N'000	N'000
Intercompany receivables Parent and ultimate controlling party
Dangote Industries Limited (Parent)	8,072,074	6,840,721	7,812,030
Other related party receivables
Dangote Sugar Refinery	21,078,313	-	20,230,795
Dancom Technologies Limited	-	5,866	-
Dangote Oil and Gas Company Limited	399,749	1,059,104	485,015
Dangote Oil Refining Company Limited	-	200	200
West African Popular Foods*	62,243	62,243	62,243
Bulk Commodities Limited	26,216,906	3,330,589	8,597,847
Dangote Cement	-	-	1,544
	55,829,285	11,298,723	37,189,674
Intercompany payables
Dangote Industries Limited (Parent)	106,319	277,042	973,742
Other related party payables
Dangote Sugar Refinery Plc	101,399	89,672	32,908
Dancom Technologies Limited	9,067	-	26,057
Greenview Development Nigeria Limited	359,403	2,501,413	2,059,703
Bluestar Shipping Line Limited	108,644	180,483	94,028
Aliko Dangote Foundation	-	627	-
Dangote Packaging Limited	578,619	673,215	193,738
Dangote Industries Limited (Central Stores)	5,400	-	2,453
Dangote Cement Plc (Head Office)	-	699,097	540,758
Dangote Cement Plc. (Benue Plant Truck scheme)	219,311	219,311	219,311
Dangote Cement Plc. (Ibese Plant)	48,931	3,031	6,300
Dangote Sinotruck West Africa Limited	453	-	-
Dangote Fertilizer Limited	-	57	-
Bulk Commodities Limited	10,359,251	-	-
	11,896,797	4,643,948	4,148,998

*The balance due from West African Popular Foods has been fully impaired.

34. Related parties (continued)

Relationships

Dangote Cement Plc, Gboko Plant Fellow subsidiary, provides trucks for the company Greenview International Corp Ultimate controlling party

Bulk Commodities Limited Affiliate, purchase raw salt for the Company

Dangote Industries Limited ( Central Stores) Fellow subsidiary, the Company purchases spare parts

Dancom Technologies Limited Fellow subsidiary, provides internet services and IT support for the

Company

Dangote Packaging Limited Fellow subsidiary, produces empty sacks for the Company

Dangote Cement Plc Fellow subsidiary, buys crude salt from the Company and procures trucks on behalf of the company

Aliko Dangote Foundation Affiliate, engages in philanthropy

Dangote Industries Limited Parent Company

Blue Star Shipping Line Limited Fellow subsidiary, provides clearing services for the Company Dangote Oil and Gas Company Limited Fellow subsidiary, supplies AGO for the Company

Dangote Sugar Refinery Plc Fellow subsidiary, buys crude salt from the Company and provides warehose facility to the Company

Dangote Sinotruck West Africa Limited Fellow subsidiary, the Company purchases trucks and spare parts. Greenview Development Nigeria Limited Fellow subsidiary, provides port and terminal services to the

Company

Dangote Transport Limited Fellow subsidiary, provides haulage services to the Company Dangote Cement Plc (Obajana Plant) Fellow subsidiary, provides haulage services to the Company West Africa Popular Foods Joint Venture with Unilever, purchased and sold Annapuma Salt

Dangote Fertilizer Limited Fellow subsidiary, the Company purchases Equipment

Dangote Industries Limited (DIL) performed certain administrative services for the Company for which a management fees of N99.98 million ( 2025 : N86.98 million) was charged , being an appropriate allocation of costs incurred by relevant administrative departments.

The Company invested N6 billion in the Dangote Industries Ltd's Promissory Note and N20 billion in Dangote Sugar Commercial Paper (CP) yielding a rate of 15% and 18% per annum. This investment aligns with our strategic objectives of diversifying our investment portfolio while providing stable returns and maximizing value for our stakeholders.

The Company has two leases from related parties. These are classified as current and non-current leases.

	Reviewed 3 Months ended 31 March 2026 N'000	Reviewed 3 Months ended 31 March 2025 N'000	Audited 12 Months ended 31 December 2025 N'000
35. Compensation to directors
Compensation to directors and other key management Short-term employee benefits	102,773	110,154	634,580
	102,773	110,154	634,580
Directors' fee and expenses Directors' fees	2,550	110,154	6,000
Directors' expenses	100,223	-	628,580
	102,773	110,154	634,580
The number of Directors with gross emoluments within the bands stated below were: N'000
N1 - N20,000	Number -	Number -	Number -
N20,001 - N50,000	9	10	12
36. Employee costs
Average number of persons employed during the year
Distribution cost	Number	Number	Number
Management	47	48	49
Senior staff	308	305	306
Junior staff	785	669	671
	1,140	1,022	1,026

The table shows the number of employees (excluding non-directors) whose earnings during the period fell within the ranges shown below: (N'000)

	Number	Number	Number
N1 - N5,000	1,105	820	884
N5,001 - N10,000	25	182	95
N10,001 - N15,000	10	17	16
N15,001 - N20,000	-	2	12
N20,001 and above	-	1	19
	1,140	1,022	1,026

Commitments
The Company's total capital commitments as at 31 March 2026 amounted to N613 million in respect to overhauling of Plant and machinery and reconstruction works in SV and PHC (2025: N139.95 million).
Contingent assets and Contingent liabilities
1. Pending litigation and claims
  There are certain lawsuits and claims pending against the Company in various courts of law which are being handled by external legal counsels. The contingent liabilities in respect of pending litigation and claims amounted to N13.2 million as at 31 March 2026. (2025: N13.2 million). In the opinion of the Directors and based on independent legal advice, the Company is not expected to suffer any material loss arising from these claims, thus no provision has been made in these financial statements.
2. Financial commitments

The Directors are of the opinion that all known liabilities and commitments, which are relevant in assessing the state of affairs of the Company, have been taken into consideration in the preparation of these financial statements.

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