Home Business NASCON assets hit N34.94bn in 2019

NASCON assets hit N34.94bn in 2019

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NASCON Allied Industries has recorded an increase in its total assets while maintaining an enhanced installed capacity, its unaudited fourth-quarter results released on the floor of the Nigerian Stock Exchange (NSE) revealed.

The firm’s financial statement for the last quarter ended December 31, 2019, showed that its total assets rose to N34.94 billion from N30.27 billion in the corresponding period of the preceding year, while revenue also rose to N27.58 billion compared to N25.65 billion from the previous year.

In a move that analysts at Cordos Securities described as targeting more market share in the food sector through increased product range and innovation, the company recently increased its installed production capacity to 567,000 metric tonnes per annum from its Apapa, Port Harcourt and Oregun plants.

While the Apapa refinery, located in the Apapa Port of Lagos, has an installed capacity of 275,000 metric tonnes per annum; the Port Harcourt refinery located in the seaport in Rivers State has an installed capacity of 210,000 metric tonnes per annum and the Oregun plant’s installed capacity stands at 82,000 metric tonnes of salt per annum.

Managing Director, NASCON, Paul Farrer said the company, which has demonstrated resilience in the challenging environment is strongly focused on capacity growth and increased market penetration.

He disclosed that the company would be leveraging on a number of synergies including improved output in terms of quality, quantity, and business efficiency to deliver value for all stakeholders.

On the new products, he said, “…we launched the Dangote Stew Mix, Dangote Curry, and Dangote Classic seasoning. These three products are part of a wider product enrichment plan to diversify our product portfolio. The products were specifically developed to meet and surpass the needs of our consumers across the country. Each of these products has been tailored to suit the local taste and cooking habits of the different regions in Nigeria. We would continue to differentiate ourselves in our product category by consistently delivering high quality, nutritious products.”

Farrer, said the company made a strategic decision in 2011 to grow through new product lines and changed its name to NASCON Allied Industries in 2014 from National Salt Company of Nigeria to reflect its new positioning.“We took advantage of our existing site in Ota and construction activities commenced in 2012. We commissioned the Seasoning plant in 2014 with an installed capacity of 5,016 metric tonnes per annum as of 2018. The Tomato Paste packaging plant, which is designed to produce and package Tomato Paste from tomato concentrate was commissioned in 2015 with an installed capacity of 37,440 metric tonnes. The Vegetable Oil refinery was commissioned in 2015 and can produce 156,000 metric tonnes of refined vegetable oil from crude palm oil”, he added.

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