Dangote’s NASCON hits record half-year revenue of N25.1 billion, but profits decline

Salt shaker with back Aliko Dangote NASCON Allied Industries it reached its highest level of semi-annual revenue since the company was launched about half a decade ago in 1973 when the corporation surpassed 25 billion naira in sales for the six months to June. Turnover, 43 percent higher than the figure reported a year earlier, derived its growth basically from goods sold to northern Nigeria, which in addition to contributing up to 67.9 percent to the company’s sales group, this once expanded on its own by 6.2 billion naira. around. Net foreign exchange gains reported NASCON N411.4 million, as opposed to last year when a loss was reported, amounting to N164.7 million, while other income for the review period nearly tripled to N24.8 million and financial income by 411 per cent to N24.8 million. 135.6 million naira. But revenue as a whole was hit considerably by the increase in operating expenses, meaning the bottom line only saw decent growth despite much improved billing. Including tax expense, the company incurred 7.2 billion naira in costs compared to the previous year, with cost of sale being the main pressure point. ALSO READ: NASCON approves pay for Halima Dangote, other directors Profit before tax came to N2.3 billion from N2.1 billion in the corresponding period last year. With an increase of 5.8 per cent, net profit was N1.5 billion. Net profit marginwhich represents the part of income that has been turned into profit, stood at 6.1 percent. NASCON, formerly known as the National Salt Company of Nigeria, whose acronym now bears the company’s name, was owned by the Nigerian government until Dangote Group, controlled by Africa’s richest man, bought a majority stake in 2007 through a reverse acquisition. NASCON’s share price, whose product mix comprises salt, seasonings and spices, is currently at its lowest level in 52 weeks on the Nigerian Stock Exchange and has seen no movement since hitting N11 on July 5. Read More Related News Here Let here it in the comment below if you do have an opinion on this; Dangote’s NASCON hits record half-year revenue of N25.1 billion, but profits decline