NASCON makes marginal profit in H1 2020

By FELIX OLOYEDE

NASCON Allied Industries succeeded in growing its profit marginally in the first half of 2020 as the impact of the coronavirus takes its toll on the Nigerian economy during this period.

It grew it post-tax profit by 2.7 per cent to N1.5 billion in H1 2020, compared to N1.4 billion it made in the same period last year.

It raked in 12 per cent higher revenue to N14.5 billion, growing its gross profit by 65.3 per cent to N5.8 billion in the first six months of this year.

NASCON, a member of the Dangote Group, was its cost of sales declined by 7.9 per cent to N8.7 billion and operating expenses were up by a whopping 170.1 per cent to N3.8 billion.

It had lower inventories by 8 per cent to N4.1 billion, compared to N4.4 billion it had in H1 2019, but trade and receivables increased by 12.1 per cent to N11.8 billion.

While its total assets grew 12.6 per cent to N43.5, total liabilities rose 12.2 per cent to N31 billion.