Nascon Allied Industries Plc 2017 Financial Summary
Legal Form and Principal Activity
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 privatized in April, 1992, and became
listed on the Nigeria 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 undertaking of Dangote Salt Limited and 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
Nigeria public.
Dangote Industries Limited 62.19%
Stanbic IBTC Nominees 5.79%
Principal Activity
The Principal activity of the company is the refining and
sale of edible, refined, bulk and industrial salt, Vegetable Oil as well as
Seasoning.
| 12 Months Report NASCON ALLIED INDUSTRIES PLC | ||||
| 2017 N'000 |
2016 N'000 |
change | Year End | |
| Revenue | 27,064,325 | 18,291,792 | 48% | December |
| Profit before taxation | 7,909,488 | 3,516,331 | 125% | |
| Profit for the period | 5,343,592 | 2,415,183 | 121% | |
| Issued Shares (Units) | 2,649,438,378 | 2,649,438,378 | ||
| Basic Earnings Per Shares (Kobo) | 202.00 | 91.00 | 122% | |
| Last total dividend paid (Kobo) | 150.00 | 70.00 | 114% |
Revenue PAT
N'000 N'000
Q1: #6,461,172 Q1: #797,777
Q2: #6,262,049 Q2: #1,160,454
Q3: #7,989,119 Q3:#2,095,976
Q4: #6,351,985 Q4: #1,289,385
The company maintained an average of #6,766,081.25 (000) in terms of Revenue and #1,335,898 (000) in terms of PAT in 2017.
A closer look at the results shows that the above performance was achieved with out the vegetable and tomato paste plants that had been shut down since 2016 due to the inability of the company to get raw material as a result of government legislation on import material they are not eligible for foreign exchange.
Even as revenue increased by 48% within the period the Company was able to hold Distribution cost and administrative cost down,
The improvement in Net Finance is also worthy of note as the cost declined by 93.48% from (#302,343,000) expense to #282,632,000 income.
There was also considerable improvement in debt collection as trade and other receivables outstanding declined by 44% from #10.1billion in 2016 to #5.6billion in 2017.
In other to guaranty the above performance the company continued to invest in key areas of the business as investment in Plant and Property increased by 48.41%. Which we expect to impact on the Company growth in years to come.
Contribution to Revenue
Revenue from the major business of Nascon contributed 85% to the total #27billion revenie while freight income took care of the balance.
Segment Revenue
Salt contributed 81.48% to total revenue, Seasoning contributed 2.83%, tomato paste nil, vegetable oil .71% and freight 14.29%.
Geographical Information
The North represents the major market of the company has it contributed 70.62% to the total revenue, followed by the west in a distance 20.74% and east by 8.14%.
Due to the continue investment in asset of the business by the management of the company. Total asset had grown from #11.4billion in 2013 to #30.12billion in 2017.
Revenue benefited immensely from the investment and it also grew by 170% from #10.8billion in 2013 to # 27.0billion in 2017. so also is the PAT that had grown by 103.85% from #2.6billion in 2013 to # 5.3billion in 2017.
This is a stock the opened at #18.50 and closed at #23.00 on the last trading day and had returned 24.32% year to date.
There is still expectation that the price may still rise further most especially with new investment by the Management.
The company declared benefit as follows:
Dividend : #1.50k
Qualification Date: 19th April 2018
Closure: 20th -23rd April 2018
AGM: 3rd May 2018
Veneu: Civic Center Victoria Island Lagos
Payment Date
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