Billionaires - April 26, 2023

Aliko Dangote’s NASCON Records Profits in Q1 2023

Oluwadamilola Olanrewaju April 26, 2023

3 min read

NASCON Allied Industries Plc (NASCON), Nigeria’s largest salt-processing firm, owned by Nigerian billionaire industrialist Aliko Dangote, is set to surpass analysts’ expectations this year. This is as a result of its profits exceeding $3.5 million in the first three months of its 2023 fiscal year.

NASCON is a subsidiary of the Dangote Group, a manufacturing conglomerate founded by Africa’s richest man. The company deals with the processing of raw salt into refined, edible, and graded salt, as well as the production of seasoning products and vegetable oil.

The profit statement was disclosed in the company’s financial statement for the year’s first quarter which ended 31st of March 2023. It says the profit increased by 325.28 percent from N386.37 million ($840,000) in the first quarter of 2022 to N1.64 billion ($3.56 million).

NASCON’s triple-digit percent increase in profit was driven by a 57 percent increase in revenue from N10.76 billion ($23.3 million) to N16.9 billion ($36.7 million) when it was under review, building on the impressive financial performance delivered in 2022 when its profit surpassed $11 million.

The company’s total assets increased from N44.4 billion ($96.4 million) to N59.1 billion ($128.1 million), while retained earnings increased from N13.25 billion ($28.77 million) to N18.93 billion ($41.1 million) due to its excellent financial results.

As at the time of writing this report, shares of the Aliko Dangote-led company closed at N14 ($0.0304), a 5.66 percent increase from its opening price on the Nigerian Exchange this morning. This effect is as a result of its impressive financial performance in the first three months of 2022.

The company’s position as the 40th most valuable company on the Nigerian Exchange has further been strengthened as the 5.66 percent increase in NASCON’s share price on the Nigerian Exchange also increased its market capitalization above N35 billion ($75 million).

Aliko Dangote’s 62.2 percent stake in the company is currently worth $47.4 million at the current price level.