The aggressive expansion, according to the management, led to a significant increase in the company’s sales, with an attendant rise in revenue and profitability.

During the Annual General Meeting, AGM, held in Lagos on Thursday, shareholders approved the proposed dividend payout of N2 per share just as the Chairman of the Company, Olakunle Alake, identified operational efficiency and strategic initiatives as core elements behind the company’s impressive run during the year.

Alake, while addressing shareholders said, “Our performance has been commendable, a testament to our strategic initiatives, operational efficiencies, and the dedication of our workforce. We have successfully expanded our market presence, which has been instrumental in driving sales. Our continued focus on customer satisfaction and our commitment to delivering high-quality products have allowed us to gain new customers while retaining the loyalty of existing ones.”

He added, “During the year, we adopted several strategic initiatives aimed at enabling the company to take advantage of growth opportunities. We demonstrated our commitment to sustainability by encouraging responsible resource use. We also engaged in community development efforts, alongside numerous employee welfare and development programs. These efforts reflect our ongoing commitment to value creation for all our stakeholders.”

Alake noted, “In recognition of this positive performance and our commitment to delivering value to our shareholders, we recommend the highest dividend ever declared in our company’s history. This decision reflects our confidence in the company’s prospects and aims to reward our shareholders for their continued support.”

He emphasized that as the company moved into the next year, the primary focus would remain on driving growth through innovation, enhancing operational efficiency, and delivering value to stakeholders noting that the management of NASCON was committed to investing in our people and in technology.

“We will continue to explore new market opportunities to expand our footprint,” he stated.

Managing Director of NASCON, Thabo Mabe, commented that 2024 had been exceptionally positive for the company, stating, “We achieved a profit growth of 14 per cent to N15.6 billion, thanks to strong demand for our core products and our strategic market presence.”

Mabe said, “We optimized strategic opportunities that have positioned us for continued growth. Our operational efficiencies have improved, enhancing our overall profitability.”

For the year 2025, he outlined the primary goals, including continuing the revenue growth trajectory, expanding into new markets, and enhancing product lines. He concluded by stating, “We will further invest in our sustainability initiatives and aim to reduce carbon emissions. Our workforce development programmes will also continue, focusing on upskilling and fostering a culture of innovation.”

For the year ending December 31, 2024, the company reported revenue growth of 49 per cent, reaching N120.4 billion.

Gross profit increased by 25 per cent to N55.5 billion, while EBITDA rose by 19 per cent to N27.4 billion. Profit before tax grew by 15 per cent to N23.7 billion, and profit after tax increased by 14 per cent to N15.6 billion.

Earnings per share climbed by 11 per cent to N5.77, with a proposed dividend up by 100 per cent to N2.00.

Commenting one after another on the performance of the company, shareholders commended the company for its impressive financial performance in 2024 and the declared dividend of N2 per share.

Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association, praised the company’s remarkable financial achievements.

She noted, “We observed revenue growth of 48.94 per cent to N129.39 billion, up from N18.8 billion. Despite the macroeconomic challenges we faced, profit after tax reached N15.6 billion, up from N13.7 billion. I commend the entire board and management for this outstanding result. Additionally, I appreciate the board for declaring a dividend of N2.00. We thank the board for that, and we hope for increased dividends next year.”

Another shareholder, Dr. Umar Farouk, urged the management not to rest on its oars but continue in the commendable trajectory of good performance despite the economic headwind which affected a lot of other companies negatively.

Mr. Moses Igbrude, a shareholder, also praised the company for the N2.00 per share dividend and expressed the hope that the management would do even more next year.

New Deputy Managing-Director of the company, Aderemi Saka, expressed satisfaction that the company demonstrated resilience, with remarkable revenue and strong performance in spite of the fact that the year 2024 was marked with various macroeconomic challenges.

“We maintain our market share and increase our revenue. We will keep our head up, continue to provide quality products that stand the test of time and improve on our shareholders value so that we can remain a strong contender in the market,” Saka stated.

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Dangote’s Chief Branding and Communication Officer, Anthony Chiejina, declared during a meeting with some senior media executives who visited him in his Lagos Office that Dangote Industries Limited (DIL) and its subsidiaries, namely, Dangote Cement, NASCON, Dangote Packaging Limited among others, remitted a total of N402.319billion for the out-gone year as taxes as responsible business enterprises.

Recall that Federal Inland Revenue Service, FIRS, had in late 2024 recognised DIL and its subsidiary, Bluestar Shipping as the most tax compliant organizations in the country during its Special Day at the 2024 Lagos International Trade Fair organised by the Lagos Chamber of Commerce and Industry, LCCI.

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The Federal Inland Revenue Service is Nigeria’s agency responsible for assessing, collecting and accounting for tax and other revenues accruing to the Federal Government of Nigeria.

Chiejina told his visitors that as a responsible business organisation, DIL and its subsidiaries have never shied away from its obligations either to the government in the form of tax payment at all levels or to host communities in the form of Corporate Social Responsibility, CSR.

According to him, the Group’s corporate strategy has evolved just as its businesses have grown, matured and diversified into new sectors and regions over the last four decades, noting that Dangote Group had almost single-handedly taken Nigeria to self-sufficiency in cement and refined petroleum products and is expanding rapidly across Africa.

Dangote Group and its subsidiaries, were recognised as number one most compliant in tax payment in the country, just as its subsidiary Dangote Cement, the country’s leading cement manufacturer, at another occasion won three awards at the FMDQ Gold Awards in Lagos as the most active business in the Foreign Exchange market.

Dangote Cement Plc was adjudged as the Largest Commercial Paper Quotation on FMDQ and Single Largest Corporate Debt Issue on FMDQ. Also, Dangote Industries Ltd also emerged as the “Most active corporate in the foreign exchange market”.

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The company gave the assurance at its 2023 Annual General Meeting held yesterday in Lagos.

Speaking to shareholders, the Chairperson of NASCON, Yemisi Ayeni, said “amidst the challenges in 2023, the company achieved commendable operational performance. Our strategic initiatives and proactive measures enabled us to grow in value and profitability.”

She said, “Our turnover for the financial year ended December 31, 2023, grew 37 per cent to N80.8 billion, marking a significant increase from the previous year. Profit after Tax also saw an impressive growth of 151 per cent to N13.7 billion, reflecting our commitment to operational efficiency and excellence.”

On future plans, Ayeni stated that “as we look ahead, NASCON remains focused on its commitment to health, safety, and environmental sustainability. Despite ongoing challenges in the global and national landscape, we are optimistic about the prospects of our company. The Board and Management are steadfast in our dedication to driving continued growth and innovation while maintaining a steadfast commitment to our stakeholders and communities.”

The Managing Director of NASCON, Thabo Mabe, noted that in 2023, the company faced significant business challenges amid Nigeria’s economic challenges, characterised by deteriorating macroeconomic indicators compared to the previous year.

He added that despite the formidable challenges faced in 2023, NASCON remained steadfast in its commitment to stakeholders, prioritising their well-being and maintaining integrity and compliance in all endeavours.

He pointed out that, “in positioning NASCON for sustained growth while maintaining profitability, we have outlined a multifaceted strategy that leverages our strengths, embraces innovation, and prioritises efficiency. By identifying emerging trends and consumer preferences, we can capitalise on untapped opportunities for growth while mitigating risks associated with market saturation.

“Through continuous process optimisation and strategic resource allocation, we seek to enhance productivity and reduce costs, thereby bolstering our bottom line and ensuring long-term sustainability. Also, strategic partnerships and collaborations play a pivotal role in our growth strategy. By forging alliances with industry peers, suppliers, distributors, and other stakeholders, we can access new markets, technologies, and resources that complement our core competencies.

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“Through mutually beneficial partnerships, we can accelerate market expansion, drive innovation, and unlock new revenue streams. By aligning our strategic initiatives with our mission and vision, we aim to create sustainable value for all stakeholders while contributing to economic development of the communities in which we operate,” he added.

Also, the shareholders commended the management and board of NASCON for the performance and bonus declared during the financial year review.

They approved and authorised the directors to capitalise such sufficient sums from the amount available for distribution, to members in the proportion of one new ordinary share of 50 kobo for every 50 existing ordinary shares of 50 kobo.

Speaking on behalf of shareholders, Mrs. Shopeju said that “we commended the management for the company performance in 2023. The bonus declared is commendable also.”

She urged the company to do more in 2024, saying, “going forward we expect better dividends in 2024 and robust bottom line for the company.”

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Speaking during the NASCON’s Annual General Meeting, AGM, held at the weekend in Lagos, a representative of the shareholders, Mrs. Bisi Bakare, said the performance reflected the ability of the management of NASCON to steer the company through difficult times especially in the face of lack of power, fluctuating exchange regime and dwindling purchasing power of consumers.

She expressed the belief that the overall performance of the company was a reflection of its seven sustainability pillars adopted by NASCON and which were geared towards ensuring that the company connected with all stakeholders.

Another shareholder, Mrs. Adetutu Siyanbola, in her remarks said that NASCON Transport Team section should be commended as indicated in the financial report, for winning the best haulage company of the year out of the 684 companies that enrolled for the Road-Transport-Safety-Standardization-Scheme of the Federal Road Safety Corps.

She pointed out that the company had over the years imbibed a culture known for taking good care of shareholders through consistent payment of dividends, adding that despite the harsh operating environment occasioned by the global economic downturn, the company still paid a dividend of 40 kobo per share.

Adding his voice to the commendation, respected shareholders’ rights’ activist, Sir Sunny Nwosu, lauded the board and management of NASCON for their ability to declare and pay dividends despite the harsh operating environment which resulted from the Apapa Wharf gridlock and the downturn in national economy.

He said that while other companies were lamenting and cutting down on production, the company was paying dividend which was commendable.

Chairman of the company, Mrs Yemisi Ayeni, explained that the foremost salt company was able to surmount the crisis posed by the Covid-19 pandemic and the attendant unfavourable economic climate because of the certain business strategies put in place which insulated the company from the negative effects of the pandemic.

Responding, the acting Managing Director, NASCON, Mr. Thabo Mabe, said the company was not resting on its achievements but moving from street to street, market to market and shop to shop, introducing its array of products to consumers.

He said that as a company in the fast-moving consumer goods sector, the management team had developed plans and strategies to capture more share in chosen markets and would gradually deploy them in the coming months.

In her own remark, the Group Executive Director, Commercial of the Company, Hajiya Fatima Aliko Dangote, said the company used the period of the downturn occasioned by the pandemic to lay a solid ground for the company with the construction of the state of the art salt processing factory at Apapa and that going forward the company would begin to reap the reward which ultimately would translate to higher dividends for the shareholders.

A peep into NASCON’s annual report for 2021 indicated that profit before tax, rose from N3.9 billion to N4.3 billion while net profit was N2.97 billion.

National Salt Company of Nigeria, NACON, was established as a salt refinery at Ijoko, Ogun State, in 1973, in a joint venture between the Federal Military Government of Nigeria and Atlantic Salt & Chemical Inc. of Los Angeles, California, USA.

The company was privatised in 1991 with its shares listed on the Nigerian Stock Exchange in October 1992, through which Dangote Industries Limited purchased majority shares.

Following the reverse takeover of NASCON by Dangote Salt Limited, DSL, in 2007, NASCON acquired the assets, liabilities and business undertakings of DSL.

Principal activities of the company include processing of raw salt into refined, edible and industrial salt.

NASCON is also into the production of seasoning and vegetable oil.

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