Nascon Allied revenue hits N120bn
Nascon Allied Industries Plc has reported a 49 per cent increase in revenue to N120.4bn for the financial year ended December 31, 2024.
The company’s audited financial results showed that gross profit rose by 25 per cent to N55.5bn, while earnings before interest, tax, depreciation, and amortisation grew by 19 per cent to N27.4bn, representing a 23 per cent margin.
Profit before tax increased by 15 per cent to N23.7bn, while profit after tax rose by 14 per cent to N15.6bn. As a result, earnings per share improved by 11 per cent to N5.77.
Nascon also recorded a 20 per cent rise in total assets, reaching N78.5bn. The company’s board has proposed a 100 per cent increase in dividend payment to N2.00 per share.
The company’s financial position also showed a decline in total debts, which stood at N19.5bn as of December 31, 2024, down from N22.7bn in the previous year.
Borrowings dropped significantly to N2.86bn from N5.53bn in 2023, while lease liabilities declined to N3.90bn compared to N4.19bn in the previous year. Trade and other payables also fell slightly to N12.74bn from N13.02bn.
Despite the reduction in total debts, Nascon maintained a strong liquidity position, with cash and cash equivalents of N24.7bn, slightly lower than the N25.6bn recorded in 2023. As a result, the company’s net debt position improved, moving further into a net cash position of N5.19bn, compared to N2.86bn in the previous year.
The company’s improved debt profile reflects its strong financial management and ability to generate cash flows to sustain operations and growth initiatives.
Additionally, 1.5 tonnes of poly-roll waste were diverted from landfills and converted into shopping bags, while 12 community projects were completed and handed over.
Commenting on the results, the managing director of Nascon, Thabo Mabe, attributed the company’s strong performance to strategic initiatives and market resilience. He reaffirmed the company’s commitment to long-term growth and delivering value to shareholders.
