NASCON shareholders approve N2.65bn dividend for 2018

NASCON shareholders approve N2.65bn dividend for 2018

NASCON Allied Industries Plc said it is targeting more market share in the food sector through increased product range and innovation.

Also, the company’s shareholders approved a total dividend of N2.65 billion, representing N1 per share for the year ended December 31, 2018.

Executive director, Commercial of NASCON, Fatima Aliko-Dangote, said that the company, which added three new products in 2018, would be introducing more products this year as part of strategies to meet the needs of its varied customer base.

Aliko-Dangote, who spoke at the annual general meeting of the Dangote Industries Limited subsidiary held in Lagos yesterday, said NASCON products are widely accepted in the market.

Also, managing director, NASCON, Paul Farrer said the company, having demonstrated its resilience in the challenging environment of 2018, 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.

Shareholders commended the board and management of NASCON for a good outing in 2018 and counselled the latter to do better in the present year. A shareholder, Olagoke Olusegun commended the quality of the board of directors, which he said consists of vibrant and experienced members who oversee and influence the activities of the management team.

A leading shareholders’ rights’ activist, Sunny Nwosu, in his remarks, 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 the national economy. He said while other companies are lamenting and cutting down on production, the company is paying dividend which is commendable.

Another shareholder, Mrs. Funke Godswill, also commended the performance of the company but lamented the impact of Apapa Wharf traffic which she said hinders optimal performance of companies within the axis. Sunday Apu, a concerned shareholder, bemoaned the issue of smuggling of salt products through the borders which erodes the market share of NASCON, calling on the management to collaborate with the Nigeria Customs Service in order to curb the spate of smuggling which stifles domestic production.

Another shareholders’ rights’ activist, Murktar Murktar said NASCON is garnering more market share through the introduction of three new products in 2018.

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