NASCON Allied Industries Plc has reported 4.78% decline in its turnover for the Full year ended December 31st, 2018. According to the its reports released to the market on the 22nd of March, 2019, revenue for the period under review stood at N25.769 billion after it dropped mildly from the previous N27.064 billion recorded last same period.
Salt refining and distribution Company ended 2018 with N4.420million profit after tax, unable to sustaining its previous same period’s feat with a year on year 17.28% bottom-line decline.
Its shareholders’ earnings dropped also by 17.28% from N2.02 in the corresponding period of 2017 to N1.67.
The PE Ratio is at 11.39x with about 11.39% earnings yield for an equity price of N19.00
There has not been any relative information about dividend with the 2018 audited financial statements released.
NASCON was founded in 1973 and listed on the Nigerian Stock Exchange in 1991 when the Dangote Group first invested in the company before becoming the majority shareholder in 1996. The Factories are located in Oregun, Apapa and Port Harcourt. The company produces edible salt (for industrial use) and sachet salt fortified with iodine for domestic use.
NASCON Allied Industries Plc (previously National Salt Company of Nigeria Plc) was established in 1973 as a salt refinery at Ijoko (Near Sango-Ota); Ogun State as a joint venture between the Federal Military Government of Nigeria and Atlantic Salt & Chemical Inc. of Los Angeles, California, USA, due to an identified need for self-sufficiency in the production of this essential commodity.
In order to achieve this, the Federal Military Government appointed Messrs Atlantic Salt & Chemical Company Incorporation as Technical Partner for the establishment of this company in October 1972; the technical agreement was signed on March 1973. The National Salt Company of Nigeria was thus incorporated on April 30, 1973.