NASCON Allied Industries has reported a remarkable 151% increase in profit, with Profit After Tax (PAT) reaching N13.73 billion for the financial year ending December 31, 2023.
This represents a significant jump from the N5.47 billion recorded in 2022. The company’s revenue also experienced a substantial surge, reaching N80.83 billion, a 38% rise from the previous year.
The company’s Profit Before Tax (PBT) also witnessed impressive growth, soaring by 146% to N20.59 billion compared to N8.37 billion in 2022.
This outstanding performance can be attributed to NASCON’s strategic initiatives and efforts to expand its market presence.
Thabo Mabe, the Managing Director, expressed his satisfaction with the company’s performance, highlighting the impact of their value proposition, operational efficiency, and cost management strategies.
He announced a 37% increase in revenue, reaching N80.8 billion, and a 104% rise in EBITDA to N23.1 billion. PAT also saw a significant uptick, reaching N13.7 billion, up by 151%.
In line with their commitment to enhancing shareholder value, the Board approved an interim dividend of N1.00 and proposed a bonus issue of 2 shares for every 100 shares held.
Mabe expressed confidence in the company’s future growth prospects, emphasizing their dedication to delivering exceptional services to customers.
Overall, NASCON Allied Industries’ strong financial performance reflects their continued efforts to drive growth and create value for shareholders.
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