NASCON Allied Industries Plc has restated its commitment to accelerate market expansion, drive innovations and unlock new revenue streams through mutually beneficial partnerships to remain competitive in the industry and increase shareholders’ value on investment.
At the company’s yearly general meeting held in Lagos at the weekend, the Managing Director of the company, Thabo Mabe said as part of efforts to position the company for sustainable growth, the management has outlined a multifaceted strategy that leverages its strengths, embraces innovation, and prioritises efficiency.
Besides, the shareholders at the meeting approved a bonus issue of one new ordinary share of 50 kobo for every 50 existing ordinary shares of 50 kobo held.
According to him, by identifying emerging trends and consumer preferences, the firm would capitalise on untapped opportunities for growth while mitigating risks associated with market saturation.
He pointed out that through continuous process optimisation and strategic resource allocation, the firm would continue to enhance productivity and reduce costs to boost its bottom line and ensure long-term sustainability.
In addition, he noted that strategic partnerships and collaboration would play a pivotal role in its growth strategy.
“By forging alliances with industry peers, suppliers, distributors, and other stakeholders, we can access new markets, technologies, and resources that complement our core competencies.
Mabe noted that despite the formidable challenges faced in 2023, the firm remained steadfast in its commitment to stakeholders, prioritising their well-being and maintaining integrity and compliance in all endeavours.
He assured that by aligning its strategic initiatives with its mission and vision, the company would continue to create sustainable value for all stakeholders while contributing to the economic development of the host communities.
The Chairperson of the company, Yemisi Ayeni said its strategic initiatives and proactive measures enabled the firm to grow in value and profitability, amid a harsh operating environment.
She said: “Our turnover for the financial year ended December 31, 2023, grew by 37 percent to N80.8 billion, marking a significant increase from the previous year. Profit after Tax also saw an impressive growth of 151 percent to N13.7 billion, reflecting our commitment to operational efficiency and excellence.”
On its plans, Ayeni said the firm remained focused on its commitment to health, safety, and environmental sustainability.
She pointed out that the firm is optimistic about the prospects of the company, adding that the company remained steadfast in its dedication to driving continued growth and innovation while maintaining a steadfast commitment to stakeholders and communities.
