Business
NASCON posts N2 dividend, as profit after tax rises by 14% in FY 2024
Nascon Allied Industries Plc has declared dividend of N2 to its shareholders for the year ended 31 December 2024. The dividend pay-out represents 100% increase from N1 dividend declared the previous year.
The Company reported revenue of N120.387 billion for the 12 months period, up by 49% from N80.828 billion.
Profit after tax grew year on year by 14% to N15.584 billion from N13.728 billion reported the previous year.
Earnings per share of the Company stands at N5.77.
At the share price of N41.80, the P/E ratio of NASCON stands at 7.24x with earnings yield of 13.80%.
Commenting on the result, the Managing Director of Nascon Allied Industries Plc, Thabo Mabe stated thus:
“I am pleased to present our financial results for the year, which highlight our Company’s resilience and strategic effectiveness.
Our revenue increased by an impressive 49% to ₦120.4 billion, which reflects our robust market performance and strategic initiatives. Despite a challenging economic environment, we achieved a 25% increase in gross profit, totaling ₦55.5 billion. Our EBITDA saw growth of 19% to ₦27.4 billion, resulting in a 23% EBITDA margin, which is an encouraging sign of our operational efficiency.
We experienced a 15% increase in profit before tax, amounting to ₦23.6 billion, and our profit after tax grew by 14% to ₦15.6 billion. Consequently, earnings per share also rose by 11%, now standing at ₦5.77. Our total assets increased by 20%, reaching ₦78.5 billion, providing a strong foundation for volume growth.
Therefore, we are pleased to propose a 100% increment in the dividend to N2.00, as a testament to our commitment to delivering value to our shareholders.
Additionally, we are delighted to announce that the Board of Directors of Nascon Allied Industries Plc has approved Mrs. Aderemi Saka as the Deputy Managing Director of Nascon with effect from 26 February 2025. We believe that Mrs. Saka’s extensive experience and leadership will further strengthen our management team and drive our future growth.
Our team is dedicated to navigating the dynamic business environment and positioning the company for long-term success. Thank you for your continued support and confidence in our company. We look forward to building on our successes in the years to come”.