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 yearly general meeting 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.
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.
“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 emphasised that 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 our people and technology.
“We will continue to explore new market opportunities to expand our footprint,” he stated. Managing Director of NASCON, Thabo Mabe, said: “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.
“We optimised strategic opportunities that have positioned us for continued growth. Our operational efficiencies have improved, enhancing our overall profitability.”
