The Management of NASCON Allied Industries Plc, has attributed significant growth in the dividend payout by 100 per cent to N2 per share and the company’s impressive run during the year, ending December 31, 2024, to the successful expansion of its market base.

The aggressive expansion, according to the management, led to a significant increase in the company’s sales, with an attendant rise in revenue and profitability.

During the Annual General Meeting, (AGM), held in Lagos on Thursday, shareholders approved the proposed dividend payout of N2 per share just as the Chairman of the Company, Olakunle Alake, identified operational efficiency and strategic initiatives as core elements behind the company’s impressive run during the year. 

Mr Alake, while addressing shareholders said, “Our performance has been commendable, a testament to our strategic initiatives, operational efficiencies, and the dedication of our workforce. We have successfully expanded our market presence, which has been instrumental in driving sales. Our continued focus on customer satisfaction and our commitment to delivering high-quality products have allowed us to gain new customers while retaining the loyalty of existing ones. 

“During the year, we adopted several strategic initiatives aimed at enabling the Company to take advantage of growth opportunities. We demonstrated our commitment to sustainability by encouraging responsible resource use. We also engaged in community development efforts, alongside numerous employee welfare and development programs. These efforts reflect our ongoing commitment to value creation for all our stakeholders.”

Alake noted, “In recognition of this positive performance and our commitment to delivering value to our shareholders, we recommend the highest dividend ever declared in our company’s history. This decision reflects our confidence in the company’s prospects and aims to reward our shareholders for their continued support.” 

He said as the company moves into the next year, the primary focus will remain on driving growth through innovation, enhancing operational efficiency, and delivering value to stakeholders noting that the management of NASCON is committed to investing in the people and technology. “We will continue to explore new market opportunities to expand our footprint.”, he stated. 

Managing Director of NASCON, Thabo Mabe, commented that 2024 has been exceptionally positive for the company, stating, “We achieved a profit growth of 14 per cent to N15.6 billion, thanks to strong demand for our core products and our strategic market presence.” 

Mabe said; “We optimized strategic opportunities that have positioned us for continued growth. Our operational efficiencies have improved, enhancing our overall profitability.” For the year 2025, he outlined the primary goals, including continuing the revenue growth trajectory, expanding into new markets, and enhancing product lines. He noted, ‘‘We will further invest in our sustainability initiatives and aim to reduce carbon emissions. Our workforce development programs will also continue, focusing on upskilling and fostering a culture of innovation.” 

For the year ending December 31, 2024, the company reported revenue growth of 49 per cent, reaching N120.4 billion. Gross profit increased by 25 per cent to N55.5 billion, while EBITDA rose by 19 per cent to N27.4 billion. Profit before tax grew by 15 per cent to N23.7 billion, and profit after tax increased by 14 per cent to N15.6 billion. Earnings per share climbed by 11 per cent to N5.77, with a proposed dividend up by 100 per cent to N2.00. 

Commenting one after another on the company’s performance, shareholders commended the company for its impressive financial performance in 2024 and the declared dividend of N2 per share.

The National Coordinator of the Pragmatic Shareholders Association, Bisi Bakare, praised the company’s remarkable financial achievements.

She noted, “We observed revenue growth of 48.94 per cent to N129.39 billion, up from N18.8 billion. Despite the macroeconomic challenges we faced, profit after tax reached N15.6 billion, up from N13.7 billion. I commend the entire board and management for this outstanding result. Additionally, I appreciate the board for declaring a dividend of N2.00. We thank the board for that, and we hope for increased dividends next year.”

Another shareholder, Dr. Umar Farouk urged the management not to rest on its laurels but continue in the commendable trajectory of good performance despite the economic headwind which affected a lot of other companies negatively.

 A shareholder, Moses Igbrude, also praised the company for the N2.00 per share dividend and expressed the hope that the management would do even more next year.

 The company’s new Deputy Managing Director, Aderemi Saka, expressed satisfaction that the company demonstrated resilience, with remarkable revenue and strong performance even though the year 2024 was marked with various macroeconomic challenges.

“We maintain our market share and increase our revenue. We will keep our heads up, continue to provide quality products that stand the test of time and improve on our shareholders’ value so that we can remain a strong contender in the market,” Saka stated.