It was a moment of celebration and strategic vindication at the 2024 Annual General Meeting (AGM) of NASCON Allied Industries Plc, held in Lagos on May 8, 2025, as shareholders unanimously approved a 100% increase in dividend payout to N2 per share—the highest in the company’s history.
Addressing stakeholders at the AGM, Chairman of NASCON, Olakunle Alake, highlighted the company’s bold expansion strategy as the catalyst for its stellar performance throughout the financial year ended December 31, 2024. “Our performance has been commendable,” Alake stated. “We expanded our market presence, improved operational efficiencies, and launched initiatives that sharpened our customer focus and product quality.”
This aggressive expansion translated into remarkable financials:
- Revenue soared by 49% to N120.4 billion
- Gross profit rose 25% to N55.5 billion
- EBITDA increased 19% to N27.4 billion
- Profit before tax advanced 15% to N23.7 billion
- Profit after tax improved 14% to N15.6 billion
- Earnings per share climbed 11% to N5.77
- And most notably, dividend per share doubled to N2.00
According to Alake, the company’s success is also rooted in its dedication to sustainability, community development, and employee welfare. “These reflect our ongoing commitment to value creation for all stakeholders,” he affirmed.
Thabo Mabe, Managing Director of NASCON, echoed the Chairman’s sentiments. “We’ve had a truly positive year, driven by strong demand for our core products and strategic market positioning. With a 14% increase in profit, we’re better poised than ever for the future.” Mabe emphasized the company’s ongoing commitment to growth in 2025 through further market expansion, product diversification, and sustainable practices, including carbon footprint reduction and upskilling programs for staff.
Newly appointed Deputy Managing Director Aderemi Saka added, “Despite macroeconomic headwinds, we retained our market share and demonstrated resilience through operational excellence and quality assurance. We’re committed to staying ahead through innovation and continuous shareholder value creation.”
The AGM also witnessed a groundswell of support and appreciation from shareholders.
Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association, remarked: “NASCON delivered an outstanding 48.94% revenue growth, and we commend the board for its bold N2.00 dividend. We look forward to even greater achievements next year.”
Dr. Umar Farouk encouraged the management not to relent but to continue navigating economic challenges with the same vigor, while Mr. Moses Igbrude praised the dividend decision and expressed optimism for further gains in the year ahead.
With its strategic clarity, aggressive expansion, and unwavering shareholder focus, NASCON is setting a strong precedent in Nigeria’s manufacturing and allied industries space. The year ahead holds promise, and stakeholders are optimistic that this performance marks only the beginning of a new era of sustained growth and shareholder prosperity.
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