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NASCON declares N1.26 billion profit

Category: Corporate Earnings


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NASCON declares N1.26 billion profit

- gives investors 40 Kobo dividend, 1 for 5 bonus

 

PETER OBIORA

Proshare NI

May 22, 2008 at 17:00 GMT

 

Largest indigenous salt producer, National Salt Company of Nigeria Plc (NASCON) has for the first time in 13 years declared a profit of N1.26 billion and will pay investors a 40 Kobo per share dividend; with a 1 for 5 bonus issue.

 

Adeniyi Ade, Managing Director (MD) of NASCON made this affirmation today in Lagos Nigeria at the presentation of the company’s “Facts behind the Figures” at the Floors of the Nigerian Stock Exchange (NSE).

 

From the financial results made available to Proshare NI by NASCON, Turnover of the company rose from N9.29 million in year 2002 to N13.44 million in year 2006 indicating a rise of 45 percent, while Turnover for the company in year 2007 stands at N6.252 million.

 

This indicates that Turnover of the company decreased from N13.44 million in year 2006 to N6.252 million in year 2007 showing a decrease of 53.48 percent in the said period.

 

NASCON has however, projected a Turnover of N13.189 million in year 2010; which means that the company is expected to grow its turnover by 111 percent from the N6.252 million it recorded in year 2007.

 

Further projections from the salt company shows that it is expected to increase Profit before Tax (PBT) from N1.752 million in year 2007 to N3. 626 million in year 2010, indicating an increase of 107 percent.

 

While Profit after Tax (PAT) is also expected to rise from N1.260 million in year 2007 to N2.899 million in year 2010 representing a rise of 130.07 percent in the projected period.

In the same vein, Dividend per Share (DPS) has been projected to increase from 40 Kobo in year 2007 to 85 Kobo in year 2010 showing an increase of 112.5 percent in the projected period.

 

Earnings per Share (EPS) would grow from 57 Kobo in year 2007 to 113 Kobo in year 2010 indicating a growth of 98.24 percent in the forecast period.

 

Adeniyi affirmed that NASCON has captured 60 percent of the Salt industry; “we are the clear leader in the salt industry, we have 60 percent and the others shares 40 percent” he said.

 

In the same vein, while highlighting the opportunities of the company, he confirmed that NASCON has concluded a $15 million (N1.755 billion) offshore acquisition in the areas of refining, packaging machines, cubes and Tomato manufacturing.

 

“We will be investing about $15 million in different activities such as packing refining, new equipments and general manufacturing in order to increase our market share of pot” Adeniyi affirmed.



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