The shareholders of NASCON Allied Industries Plc on Thursday unanimously approved the payment of a total dividend of N2.65 billion for the financial year ended Dec. 31, 2018.
The shareholders gave their approval at the company’s 2018 Annual General Meeting (AGM) held in Lagos.
The dividend, which translates to N1 per share, against N1.50 paid in 2017, would be paid to qualified shareholders on June 17.
The reduction in the dividend payment during the period under review was due to capital expenditure requirements in 2019.
Speaking at the meeting, Mr Sunny Nwosu, Founder, Independent Shareholders Association of Nigeria (ISAN) lauded the dividend declared by the company during the period under review.
Nwosu commended the board and management for their ability to declare and pay dividends in spite of the harsh operating environment which resulted from the Apapa Wharf gridlock and the downturn in the national economy.
According to him, while other companies were lamenting and cutting down on production, the company was able to pay dividend.
Another shareholder, Mrs Funke Godswill, also commended the performance of the company but lamented the impact of Apapa Wharf traffic, which she said, hinders optimal performance of companies within the axis.
Mr Sunday Apu, a concerned shareholder, bemoaned the issue of smuggling of salt products through the borders which erodes the market share of NASCON.
He called on the management to collaborate with the Nigeria Customs Service in order to curb the spate of smuggling which stifles domestic production.
Also, Mrs Bisi Bakare, National Coordinator, Pragmatic Shareholders Association of Nigeria, commended the quality of the product mix from NASCON. Bakare said that the product mix compares with the best in the market.
The shareholder activist also appreciated the board and management for the company’s dividend policy and payment of dividends consistently for the past 11 years.
Earlier, the board and management assured the shareholders of more market share in the food sector through increased product range and innovation.
Accordingly, Ms Fatima Aliko-Dangote, NASCON Executive Director, Commercial, said that the company which added three products in 2018, would be introducing more products this year.
She said that introduction of new products were part of strategies to meet the needs of its varied customer base.
Mr Paul Farrer, NASCON Managing Director, said the company, having demonstrated its resilience in the challenging environment of 2018, would strongly focus on capacity growth and increased market penetration.
Farrer said that the company would be leveraging on a number of synergies including improved output in terms of quality, quantity and business efficiency to deliver value for all stakeholders.
He noted that the company, in 2018, launched the Dangote Stew Mix, Dangote Curry and Dangote Classic seasoning.
“These three products are part of a wider product enrichment plan to diversify our product portfolio. The products were specifically developed to meet and surpass the needs of our consumers across the country.
“Each of these products has been tailored to suit the local taste and cooking habits of the different regions in Nigeria.
“We would continue to differentiate ourselves in our product category by consistently delivering high quality, nutritious products,” he said.
