Nascon Allied Industries PlcNSENG: NASCON

Quarter 3 - financial statement for 2025

Oct 30, 2025 at 9:56 PM UTC · Issued by Nascon Allied Industries Plc

Nascon Allied Industries Plc FRC/2012/00000000478 Unaudited Financial Statements for the period ended 30 September 2025

Nascon Allied Industries Plc
(Registration number 11364)
Unaudited Financial Statements for the interim period ended 30 September 2025 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 - 41

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 30 September 2025

Statement of Profit or Loss and Other Comprehensive Income Reviewed 3 Months ended Reviewed 3 Months ended Reviewed 9 Months ended Reviewed 9 Months ended Audited 12 Months ended 30 September 30 September 30 September 30 September 31 December

		2025	2024	2025	2024	2024
	Notes	N '000	N '000	N '000	N '000	N '000
Revenue from contracts with customers	4	39,189,235	29,457,863	117,345,167	79,889,547	120,387,151
Cost of sales	6	(19,391,238)	(16,235,807)	(60,161,688)	(44,643,729)	(64,860,102)
Gross profit		19,797,997	13,222,056	57,183,479	35,245,818	55,527,049
Other income	7	24,230	15,822	202,286	132,210	261,239
Other operating (losses)/gains	8	(583,439)	169,668	(1,174,117)	(1,795,811)	(2,056,949)
(Increase in) impairment allowances	9	-	-	-	-	(87,305)
Distribution costs	10.1	(5,108,369)	(5,252,684)	(16,229,862)	(15,107,158)	(23,678,460)
Administrative expenses	10.2	(2,213,730)	(1,710,208)	(6,739,223)	(4,832,046)	(6,928,169)
Operating profit		11,916,689	6,444,654	33,242,563	13,643,013	23,037,405
Finance income	11	1,613,442	277,076	3,979,906	935,885	1,793,858
Finance cost	12	(128,659)	(307,512)	(541,790)	(933,766)	(1,180,596)
Profit before taxation		13,401,472	6,414,218	36,680,679	13,645,132	23,650,667
Taxation	13	(4,670,647)	(2,302,471)	(12,352,786)	(4,688,671)	(8,067,065)
Profit from continuing operations		8,730,825	4,111,747	24,327,893	8,956,461	15,583,602
Profit for the period		8,730,825	4,111,747	24,327,893	8,956,461	15,583,602
Total comprehensive income for the period		8,730,825	4,111,747	24,327,893	8,956,461	15,583,602
Earnings per share information Basic and diluted earnings per share (Kobo)	15	1,292	609	1,200	442	577

The accounting policies on page 6 to 18 and the notes on pages 19 to 41 form an integral part of the Unaudited Financial Statements

(Registration number 11364) Unaudited Financial Statements for the interim period ended 30 September 2025 Statement of Financial Position
	Notes	Reviewed 9 Months ended 30 September 2025 N '000	Reviewed 9 Months ended 30 September 2024 N '000	Audited 12 Months ended 31 December 2024 N '000
Assets
Non-Current Assets
Property, plant and equipment	16	12,054,143	12,724,563	12,340,012
Right-of-use assets	17	3,442,487	3,943,241	3,741,027
		15,496,630	16,667,804	16,081,039
Current Assets
Inventories	18	14,307,376	17,613,840	18,261,106
Trade and other receivables	19	39,292,296	45,782,152	17,223,440
Other financial assets	20	764,569	725,307	635,901
Other assets	21	142,983	2,237,913	1,600,851
Cash and cash equivalents	22	42,474,179	28,332,292	24,700,150
Current tax receivable		-	-	-
		96,981,403	94,691,504	62,421,448
Total Assets		112,478,033	111,359,308	78,502,487
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	60,193,189	34,643,069	41,270,210
		61,978,439	36,428,319	43,055,460
Liabilities
Non-Current Liabilities
Borrowings	27	38,570	38,570	38,570
Lease liabilities	28	3,491,533	3,676,550	3,517,756
Retirement benefit obligations	29	112,653	122,258	122,258
Deferred tax	14	5,431,277	2,405,190	5,431,277
		9,074,033	6,242,568	9,109,861
Current Liabilities
Trade and other payables	30	26,285,656	46,148,901	12,744,083
Borrowings	27	28,662	3,311,291	2,821,656
Lease liabilities	28	306,744	314,636	385,461
Contract liabilities	31	2,776,127	14,389,854	5,509,920
Current tax payable	13	12,028,372	4,523,739	4,876,046
		41,425,561	68,688,421	26,337,166
Total Liabilities		50,499,594	74,930,989	35,447,027
Total Equity and Liabilities		112,478,033	111,359,308	78,502,487

The accounting policies on pages 6 to 18 and the notes on pages 19 to 41 form an integral part of the Unaudited Financial Statements

The Unaudited Financial Statements and the notes on pages 19 to 41, were approved by the Board on the 30th October, 2025 and were signed on its behalf by:

Thabo Mabe Managing Director FRC/2013/IODN/00000001741 Oladimeji Sorinmade Acting Financial Controller FRC/2025/PRO/ICAN/001/987274

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 30 September 2025

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 2024	1,324,719	434,037	25,713,102	27,471,858
Profit for the period	-	-	8,956,461	8,956,461
Other comprehensive income	-	-	-	-
Total comprehensive income for the period	-	-	8,956,461	8,956,461
Bonus shares issued	-	-	(26,495)	(26,495)
Total contributions by and distributions to owners of company recognised directly in equity	-	-	(26,495)	(26,495)
Balance at 30 September 2024	1,351,213	434,037	34,643,068	36,428,318
Balance at 1 January 2025	1,351,213	434,037	41,270,210	43,055,460
Profit for the period	-	-	24,327,893	24,327,893
Other comprehensive income	-	-	-	-
Total comprehensive income for the period	-	-	24,327,893	24,327,893
Dividends	-	-	(5,404,914)	(5,404,914)
Total contributions by and distributions to owners of company recognised directly in equity	-	-	(5,404,914)	(5,404,914)
Balance at 30 September 2025	1,351,213	434,037	60,193,189	61,978,439

The accounting policies on pages 6 to 18 and the notes on pages 19 to 41 form an integral part of the Unaudited Financial Statements.

(Registration number 11364) Unaudited Financial Statements for the interim period ended 30 September 2025 Statement of Cash Flows
	Notes	Reviewed 9 Months ended 30 September 2025 N '000	Reviewed 9 Months ended 30 September 2024 N '000	Audited 12 Months ended 31 December 2024 N '000
Cash flows from operating activities Cash generated from operations	32	29,384,456	13,995,951	10,926,015
Tax paid	13	(5,200,460)	(6,760,839)	(6,760,840)
Retirement benefit obligations paid	29	(9,605)	(547)	(547)
Net cash from operating activities		24,174,391	7,234,565	4,164,628
Cash flows from investing activities Purchase of property, plant and equipment	16	(1,525,728)	(2,160,439)	(2,299,709)
Proceeds from sale of property, plant and equipment	16	(9,900)	85,000	85,000
Lease prepayments recognised as right of use assets		-	-	(141,457)
Interest income	11	3,979,906	935,885	1,793,858
Net cash from investing activities		2,444,278	(1,139,554)	(562,308)
Cash flows from financing activities Payment on borrowings	27	(2,792,994)	(2,182,808)	(2,672,443)
Dividends paid	26	(5,404,914)	-	-
Interest paid on borrowings	12	(283,031)	(659,985)	(808,460)
Payment on lease liabilities	28	(363,700)	(473,627)	(736,161)
Net cash used in financing activities		(8,844,639)	(3,316,420)	(4,217,064)
Total cash and cash equivalents movement for the period		17,774,030	2,778,591	(614,744)
Cash and cash equivalents at the beginning of the period		24,700,150	25,612,894	25,612,894
Effect of exchange rate movement on cash balances		-	(59,192)	(298,000)
Total cash and cash equivalents at end of the period	22	42,474,180	28,332,293	24,700,150

The accounting policies on pages 6 to 18 and the notes on pages 19 to 41 form an integral part of the Unaudited Financial Statements.

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 30 September 2025

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 2025 to 30 September 2025 with comparatives for the period ended 30 September 2024.
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 30 September 2025
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 30 September 2025
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 30 September 2025
Accounting Policies
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statements of profit or loss and other comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. 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 is the expected amount of income tax payable on the taxable profit for the year determined in accordance with the Companies Income Tax Act (CITA) using statutory tax rates at the reporting date. Tertiary Education tax is assessed at 3% of the assessable profits as defined by the Tertiary Education Tax Act and Police Trust Fund levy is charged at 0.005% of profit before tax section 4 of the Nigeria Police Trust Fund (Establishment) 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 30 September 2025
  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 30 September 2025

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 30 September 2025

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 30 September 2025
  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 30 September 2025
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 30 September 2025
    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 30 September 2025

Notes to the Unaudited Financial Statements Reviewed 3 Months ended Reviewed 3 Months ended Reviewed 9 Months ended Reviewed 9 Months ended Audited 12 Months ended 30 September 30 September 30 September 30 September 31 December 2025 2024 2025 2024 2024

N '000 N '000 N '000 N '000 N '000

Revenue Revenue from contracts with customers
Sale of goods 39,189,235 29,457,863 117,345,167 79,889,547 120,387,151
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	2,274,434	1,864,885	6,274,723	4,499,007	6,779,644
West	7,235,108	6,483,190	20,689,356	15,887,724	23,941,527
North	29,679,693	21,109,788	90,381,088	59,502,816	89,665,980
Total	39,189,235	29,457,863	117,345,167	79,889,547	120,387,151

Cost of sales

Raw materials consumed	17,043,621	14,058,496	53,004,538	38,785,880	55,886,619
Employee costs	583,749	483,119	1,570,549	1,309,274	1,896,481
Depreciation of property, plant and equipment	147,557	151,940	446,670	458,945	611,470
Depreciation of right of use assets	100,036	59,787	296,345	179,500	600,450
Manufacturing expenses	1,516,275	1,482,465	4,843,586	3,910,130	5,865,082
Total	19,391,238	16,235,807	60,161,688	44,643,729	64,860,102

Other income

Sale of scrap	18,644	5,586	182,428	96,735	218,498
Insurance claim	44	6,486	3,233	18,710	22,226
Rental income	5,542	3,750	16,625	16,765	20,515
Total	24,230	15,822	202,286	132,210	261,239

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 30 September 2025

N '000 N '000 N '000 N '000 N '000

Other operating gains/(losses)

(Losses) /gains on disposals, scrappings and settlements Property, plant and equipment	-	-	(261,511)	5,207	5,207
Foreign exchange (losses)/gains Net foreign exchange (losses)/gains	(583,439)	169,668	(912,606)	(1,801,018)	(2,062,156)
Total operating (losses)/gains	(583,439)	169,668	(1,174,117)	(1,795,811)	(2,056,949)
9. (Increase in)/Writeback of impairment allowance
Trade receivables (Increase in) impairment on trade receivables (Note 19)	-	-	-	-	(74,911)
Impairment writeback on intercompany receivables (Note 19)	-	-	-	-	13,062
(Increase in) impairment on staff loans (Note 19)	-	-	-	-	(25,456)
Total	-	-	-	-	(87,305)
10. Operating expenses
10.1 Distribution cost
Market activation	132,252	91,682	266,610	144,569	536,530
Branding expenses	34,375	125,729	365,548	17,239	382,749
Delivery expenses	4,713,578	4,870,055	14,921,580	14,571,794	21,931,408
Depreciation of trucks	228,164	165,218	676,124	373,556	827,773
Total	5,108,369	5,252,684	16,229,862	15,107,158	23,678,460

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 30 September 2025

	2025 N '000	2024 N '000	2025 N '000	2024 N '000	2024 N '000
10. Operating expenses (continued)
10.2 Administrative expenses
Management fees	143,514	95,007	328,061	251,414	362,693
Auditors remuneration	13,125	10,600	39,375	33,255	50,000
Provision for bad debts	45,039	-	45,039	-	-
Bank charges	40,753	23,733	110,908	68,365	106,828
Cleaning	58,151	29,942	124,626	58,732	109,334
Consulting and professional fees	40,875	53,283	184,278	132,809	98,774
Depreciation of property, plant and equipment	142,190	130,116	417,392	392,793	538,123
Depreciation of right of use assets	740	755	2,196	2,248	3,090
Directors remuneration	4,850	95,107	400,802	291,560	382,074
Employee costs	962,962	763,413	2,671,544	2,070,747	2,849,708
Entertainment	20,487	22,472	64,421	64,790	104,943
Business development	25,578	10,160	68,453	42,817	117,520
Insurance	35,127	33,868	105,415	142,652	45,282
Petrol and oil	29,882	20,157	92,239	58,973	84,897
Printing and stationery	12,181	9,700	40,802	33,497	43,893
Repairs and maintenance	32,555	38,427	101,221	92,497	135,603
Secretarial fees	8,025	35,173	105,127	203,327	217,983
Security	78,225	28,091	188,949	91,436	116,957
Staff welfare	21,060	57,960	164,405	147,440	191,683
Telephone and fax	262,572	116,144	860,845	293,131	846,532
Travel - local	235,838	136,100	623,125	359,563	522,252
Total	2,213,729	1,710,208	6,739,223	4,832,046	6,928,169
11. Finance income
Interest income on bank balances	47	174	2,693	255	304
Interest income on short term fixed deposit	1,613,395	276,902	3,977,213	935,630	1,793,554
Total Interest received	1,613,442	277,076	3,979,906	935,885	1,793,858
12. Finance cost
Interest expense on borrowings	42,731	217,363	283,031	659,985	808,460
Interest expense on lease liabilities	85,928	90,149	258,759	273,781	372,136
Total interest paid	128,659	307,512	541,790	933,766	1,180,596

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 30 September 2025

	2025 N '000	2024 N '000	2025 N '000	2024 N '000	2024 N '000
13. Taxation
Major components of the tax expense
Current Company Income Tax	4,253,093	1,924,266	11,236,855	4,093,539	4,339,250
Tertiary Education Tax	417,555	192,427	1,115,931	409,354	513,394
Police Trust Fund Levy	-	-	-	-	1,183
Capital Gain Tax	-	-	-	-	1,373
Adjustments recognised in the current year in relation to tax of prior year	-	185,778	-	185,778	185,778
	4,670,648	2,302,471	12,352,786	4,688,671	5,040,978
Deferred In respect of current year	-	-	-	-	3,026,087
Split between current and deferred tax
Current tax	4,670,648	2,302,471	12,352,786	4,688,671	5,040,978
Deferred tax	-	-	-	-	3,026,087
Total	4,670,648	2,302,471	12,352,786	4,688,671	8,067,065

The charge for taxation in these unaudited financial statements is based on the provisions of the Companies Income Tax Act, CAP C21 LFN 2004 and the Education Tax Act CAP E4, LFN 2004. Company tax and Tertiary Education Tax are calculated at 30% and 3% respectively of the estimated taxable profit for the year while Police Trust Fund levy is charged at 0.005% of profit before tax. 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	4,876,046	6,595,908	6,595,908
Charge for the year	12,352,786	4,688,671	5,040,978
Payment during the year	(5,200,460)	(6,760,840)	(6,760,840)
At end of period	12,028,372	4,523,739	4,876,046

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 30 September 2025

	2025 N '000	2024 N '000	2025 N '000	2024 N '000	2024 N '000
14. Deferred tax
Property plant and equipment			(5,431,277)	(2,405,190)	(2,651,178)
Allowance for doubtful debt			-	-	127,841
Unrealised exchange difference			-	-	(3,008,143)
IFRS 16 Leases			-	-	100,203
Total deferred tax			(5,431,277)	(2,405,190)	(5,431,277)
Split between assets and liabilities
Current liabilities			(5,659,321)	(2,527,620)	(5,659,321)
Current assets			228,044	122,430	228,044
			(5,431,277)	(2,405,190)	(5,431,277)
15. Earnings per share
Basic earnings per share From continuing operations (kobo per share)	1,292	609	1,200	442	577
Basic earnings per share
Reconciliation of earnings Profit or loss for the year attributable to equity holders	8,730,825	4,111,747	24,327,893	8,956,461	15,583,602
Weighted average number of ordinary shares as at 30 September 2025 ('000)	2,702,427	2,702,427	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 30 September 2025

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 January 1, 2024	70,000	4,164,064	870,303	8,864,560	482,093	8,086,244	275,352	124,070	22,936,686
Additions	-	43,028	52,941	78,507	68,475	1,927,938	51,878	76,942	2,299,709
Disposals and scrappings	-	-	(14,070)	(184,137)	-	(14,009)	-	-	(212,216)
Reclassifications	-	40,596	83,474	-	-	-	-	(124,070)	-
At 31 December 2024	70,000	4,247,688	992,648	8,758,930	550,568	10,000,173	327,230	76,942	25,024,179
Additions	-	-	-	121,566	23,631	96,320	31,988	502,999	776,504
Disposals and scrappings	-	(254,949)	(338,920)	(1,208,818)	(136,783)	(921,471)	(49,738)	-	(2,910,679)
At 30 September 2025	70,000	3,992,739	653,728	7,671,678	437,416	9,175,022	309,480	579,941	22,890,004
Depreciation and impairment At January 1, 2024	-	(377,771)	(554,356)	(3,348,256)	(262,385)	(6,083,838)	(212,619)	-	(10,839,225)
Disposals	-	-	14,070	104,345	-	14,009	-	-	132,424
Depreciation	-	(83,951)	(150,854)	(527,519)	(86,598)	(1,085,330)	(43,114)	-	(1,977,366)
At 31 December 2024	-	(461,722)	(691,140)	(3,771,430)	(348,983)	(7,155,159)	(255,733)	-	(12,684,167)
Disposals and scrappings	-	74,918	338,919	1,147,278	128,964	899,453	49,737	-	2,639,269
Depreciation	-	(61,186)	(98,564)	(385,484)	(66,223)	(895,451)	(33,277)	-	(1,540,185)
At 30 September 2025	-	(447,990)	(450,785)	(3,009,636)	(286,242)	(7,151,157)	(239,273)	-	(11,585,083)
Carrying amount
Cost	70,000	4,247,688	992,648	8,758,930	550,568	10,000,173	327,230	76,942	25,024,179
Accumulated depreciation and impairment	-	(461,722)	(691,140)	(3,771,430)	(348,983)	(7,155,159)	(255,733)	-	(12,684,167)
At 31 December 2024	70,000	3,785,966	301,508	4,987,500	201,585	2,845,014	71,497	76,942	12,340,012
Cost	70,000	3,992,739	734,266	7,671,678	467,461	9,267,021	316,218	1,119,844	23,639,227
Accumulated depreciation and impairment	-	(447,989)	(450,785)	(3,009,637)	(286,242)	(7,151,157)	(239,274)	-	(11,585,084)
At 30 September 2025	70,000	3,544,750	283,481	4,662,041	181,219	2,115,864	76,944	1,119,844	12,054,143

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 30 September 2025

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 30 June, 2025 (2024:Nil).

Sale of Property, plant and equipment Reviewed 9 Months ended Reviewed 9 Months ended Audited 12 Months ended 30 September 30 September 31 December

	2025 N '000	2024 N '000	2024 N '000
Net book value of disposed assets	271,411	79,793	79,793
Proceeds from sales	(9,900)	(85,000)	(85,000)
Losses/(gains) on disposals	261,511	(5,207)	(5,207)

(Registration number 11364)

Unaudited Financial Statements for the interim period ended 30 September 2025

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 2024	2,853,073	2,210,623	5,063,696
Prepaid lease payments	-	141,457	141,457
Initial lease liabilities	-	71,925	71,925
Reassessment	-	15,658	15,658
Termination	-	(21,352)	(21,352)
At 31 December 2024	2,853,073	2,418,311	5,271,384
1 January 2025	2,853,073	2,418,311	5,271,384
Additions	-	-	-
At 30 September 2025	2,853,073	2,418,311	5,271,384
Depreciation At 1 January 2024	-	(938,708)	(938,708)
Depreciation	(331,315)	(272,225)	(603,540)
Termination	-	11,891	11,891
At 31 December 2024	(331,315)	(1,199,042)	(1,530,357)
At 1 January 2025	(331,315)	(1,199,042)	(1,530,357)
Depreciation	(123,733)	(174,807)	(298,540)
At 30 September 2025	(455,048)	(1,373,849)	(1,828,897)
Carrying amount Cost	2,853,073	2,418,311	5,271,384
Accumulated depreciation	(331,315)	(1,199,042)	(1,530,357)
At 31 December 2024	2,521,758	1,219,269	3,741,027
Cost	2,853,073	2,418,311	5,271,384
Accumulated depreciation	(455,048)	(1,373,849)	(1,828,897)
At 30 September 2025	2,398,025	1,044,462	3,442,487

(Registration number 11364) Unaudited Financial Statements for the interim period ended 30 September 2025 Notes to the Unaudited Financial Statements
	Reviewed 9 Months ended 30 September 2025 N '000	Reviewed 9 Months ended 30 September 2024 N '000	Audited 12 Months ended 31 December 2024 N '000
18. Inventories
Raw materials	6,580,709	11,241,731	12,249,173
Work-in-progress	1,245	1,245	1,245
Finished goods	2,662,405	2,380,536	716,406
Spare parts and consumables	3,026,091	2,408,979	2,905,050
Oil and lubricants	371,275	482,451	323,264
Packaging materials	1,665,651	1,098,898	2,065,968
	14,307,376	17,613,840	18,261,106
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 N35.96 billion (2024: N24.73 billion)

18.1 Inventory pledged as security
No inventory was pledged as security for any liability (2024: Nil).
19. Trade and other receivables
Financial instruments: Trade receivables	2,955,797	1,287,908	2,662,590
Trade receivables - related parties (Note 34)	35,798,218	38,422,133	8,798,478
Loss allowance	(222,677)	(134,507)	(196,357)
	38,531,338	39,575,534	11,264,711
Interest receivables	290,382	871,575	897,120
Employee loans and advances	496,247	468,005	288,707
Loss allowance on employee loans and advances	(45,046)	(872)	(26,327)
Non-financial instruments: VAT	30,477	2,988,390	3,920,653
Advances to suppliers	(11,102)	1,879,520	878,576
	39,292,296	45,782,152	17,223,440
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	(222,684)	(135,379)	(135,379)
Provisions reversed on new related party receivables	-	-	13,062
Provisions (raised) on settled trade receivables	-	-	(74,911)
Provisions (raised) on staff loan	-	-	(25,456)
	(222,684)	(135,379)	(222,684)

(Registration number 11364) Unaudited Financial Statements for the interim period ended 30 September 2025 Notes to the Unaudited Financial Statements
	Reviewed 9 Months ended 30 September 2025 N '000	Reviewed 9 Months ended 30 September 2024 N '000	Audited 12 Months ended 31 December 2024 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	11,461,068	11,246,283	7,046,807
Revenue from third parties	117,345,167	44,201,375 120,387,151
Receipts from third parties	(116,866,918)	(31,207,113) (115,972,890)
Gross carrying amount	11,939,317	24,240,545	11,461,068
20. Other financial assets
Securities held at amortised cost Fixed deposit	764,569	725,307	635,901

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	-	41,394	-
Deposit for import	-	2,180,689	1,502,533
Promotional items	18,462	15,830	98,318
Prepayment-Others	124,522	-	-
Total	142,984	2,237,913	1,600,851
22. Cash and cash equivalents
Cash and cash equivalents consist of: Cash on hand	4,405	4,308	1,134
Bank balances	42,469,774	28,327,984	24,699,016
Total	42,474,179	28,332,292	24,700,150

(Registration number 11364) Unaudited Financial Statements for the interim period ended 30 September 2025 Notes to the Unaudited Financial Statements
	Reviewed 9 Months ended 30 September 30 2025 N '000	Reviewed 9 Months ended September 2024 N '000	Audited 12 Months ended 31 December 2024 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	41,270,210	25,713,102	25,713,102
Profit for the year		(8,956,462)	(15,583,602)
Dividend declared and paid	(5,404,914)	-	-
Bonus share issue	-	(26,495)	(26,494)
Total	60,193,189	34,643,069	41,270,210

In respect of the year ended 31 December 2024, at the Board meeting held on 26 February 2025, the Directors proposed that a dividend of 200 kobo per ordinary share be paid to shareholders. The proposed dividend of 200 kobo per ordinary share was approved at the last Annual General Meeting held on 8 May 2025 and the total sum of N5.40billion paid in May 2025.

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