Salt company announces new products to improve earnings

The management of National Salt Company of Nigeria (NASCON) says it will launch new products to improve earnings.

Fatima Aliko Dangote, the company’s executive director, commercial, said this at NASCON’s annual general meeting which held on Thursday.

She said the company was working on expansion.

“We are expanding, we are investing on the new refinery for our salt and we are also looking at innovations, we are bringing other products that are going to be launched this year,” she said.

“Hopefully, 2017 will be a better year for the company and also importantly for the shareholders. We placed shareholders interest so high because they have actually trusted us, they have invested in our business and as you can see, regardless of our challenges, we are still able to push really hard and declare profits.

“We have to take our shareholders very seriously so that they can keep trusting us, and by so doing, more people will keep buying our shares and hold us in high regards.”

Yemisi Ayeni, chairperson of the company, had told shareholders that NASCON would be investing in salt packaging and seasoning cubing line., adding that the company recorded a turnover of N18.29 billion, representing a 13% increase over the N16.18 billion in 2015.

She said the company recorded a turnover of N18.29 billion, representing a 13% increase over the N16.18 billion in 2015.

Ayeni said profit after tax, increased by 15% from N2.11 billion in 2015 to N2.42 billion, while earnings per share also increased from 79 kobo to 91 kobo

Shareholders approved the payment of 70 kobo per share dividend, representing a pay-out ratio of 77% at N1.85 billion, as against 2015 when it paid N1.46billion to shareholders.

Sunny Nwosu, chairman of the Independent Shareholders Association, expressed pleasure at the enhanced dividend and urged the company not to relent.

“We are very pleased with this result. Despite the recession, it is a thing of pride to see our company declaring good profits and even paying a dividend,” he said.

“We are proud of you and urge you to do more this year. We will honestly appreciate a bonus issue. It has been long you gave the shareholders that.”