Forex shortage, port congestion affected 2022 operations –NASCON MD
The acting Managing Director of NASCON Allied Industries Plc, Thabo Mabe, has listed emigration, forex shortage and port congestion as some of the challenges that impacted the company’s operations in the 2022 financial year.
This is as shareholders approved the sum of N2.65bn as dividends for the 2022 financial year, which is a higher figure compared to the N1.06bn paid as dividends in 2021.
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Mabe said this at the Annual General Meeting of the company held in Lagos, where they also commended the board and management of NASCON for consistent payment of dividends.
Mabe said, “Insecurity, congested ports, poor road infrastructure, unstable power supply along with employee emigration, traffic gridlock and foreign exchange issues contributed to the challenges of doing business in 2022.”
He, however, expressed optimism that “2023 will involve capitalisation on our gains, leading to greater productive efficiency and enhanced resource utilisation in spite of the challenges in 2022.”
Speaking on plans, he said that the company would continue to embrace strategies that would boost its market share.
He said, “Our core competence in our business is to refine crude salt for both human and animal consumption. This is an area that we have focused our business to attain leading customer service standards. Our plan for future growth is to continue to develop these markets and drive cost savings within the business as input costs skyrockets. Nigeria is blessed with a huge consumer base and opportunities; we will be part of these opportunities and contribute our quota to poverty eradication.”
NASCON reported 84 per cent growth in its 2022 profit after tax; from N2.97bn to N5.47bn. Turnover was on the upswing too, increasing from N33.28bn to N58.79bn, a 77 per cent increase compared to 2021. Earnings per share also increased to 206 kobo in 2022 in contrast to 112 kobo in 2021.
