\u00a0\u2026gives birth to new subsidiary \u2018NASCON Allied Industries\u2019<\/b><\/p>\n
\u00a0<\/b><\/p>\n
With a dividend of N1.32 billion, culminating to 50 kobo per share due to every investor of the company for the 2014 financial year, shareholders of National Salt Company of Nigeria (NASCON), a subsidiary of Dangote Group, yesterday commended the company on the huge investment \u00a0made in production of tomato paste, vegetable oil and seasoning.<\/p>\n
The shareholders, who spoke during the 2014 yearly general meeting of the company, held in Lagos yesterday, urged the board to strengthen its research and development department\u00a0to achieve optimal result and enhance operations.<\/p>\n
Specifically, a shareholder, Kazeem Olayiwola\u00a0lauded the management for enhancing their returns on investment through dividend payout.<\/p>\n
Olayiwola\u00a0expressed satisfaction\u00a0on the successes recorded so far in the production\u00a0of other food condiments apart from salt, adding that the investment would translate into more values for stakeholders.<\/p>\n
He charged the management of NASCON especially the marketing division to be more innovative as to drive more sales of the several range of products now available within the company. He specifically tasked the management to pay more attention to staff training and incentives as these are essential to drive productivity.<\/p>\n
Another shareholder, Sotunde Sopeju also commended the management for turning around the fortunes of NASCON which has now gone beyond salt refining.<\/p>\n
He said that NASCON has done well in paying of dividends adding that most of the banks are unable to pay dividends. Sopeju lauded the management for ploughing back much of the profit into new projects, adding that it would\u00a0boost the company\u2019s revenue going forward.<\/p>\n
Reviewing the company\u2019s performance, the Chairman of the company, Aliko Dangote assured shareholders that the company\u2019s new business lines will impact significantly on the returns to shareholders.<\/p>\n
\u00a0According to him, the new business will drive both revenue and profit.<\/p>\n
He said that following the approval of the shareholders at the last annual general meeting to change the name of the company to reflect current investments and new operational status as a manufacturer of other related consumer and daily needs, the company is now known as Nascon Allied Industries Plc.<\/p>\n
\u201cI am happy that our prospect for 2015 remains excellent. We shall continue to be committed to improving our upward trend, and we will ensure your company continues to grow and remain competitive so as to deliver increasing dividend to all stakeholders\u201d he assured.<\/p>\n
\u00a0He explained that the company posted a turnover of N11.2billion, representing 4 per cent rise when compared to N10.8 billion achieved in 2013.<\/p>\n
However, profit before tax stood at\u00a0\u00a0 N2.8 billion\u00a0compared to N4billion achieved in the previous year.<\/p>\n
He expressed optimism that the new investments made by the company would\u00a0enhance profitability and robust dividend to shareholders in the current financial year<\/p>\n","protected":false},"excerpt":{"rendered":"
\u00a0\u2026gives birth to new subsidiary \u2018NASCON Allied Industries\u2019 \u00a0 With a dividend of N1.32 billion, culminating to 50 kobo per share due to every investor of the company for the…<\/p>\n","protected":false},"author":1,"featured_media":39481,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-39480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n