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Nascon Allied Industries Plc reports N17.57 bn revenue in H1 2021

Tuesday, 27 July 2021, 1:26 pm
in Business, Companies
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Nascon Allied Industries Plc reports N17.57 bn revenue in H1 2021
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Nascon Allied Industries Plc has released its unaudited financial statements for the half-year ended June 30, 2021, to Nigerian Exchange and the investing public.

Despite a 20.9% growth in revenue, the company reported a 6.4% decline in profit before tax and a 2.5% decrease in profit after tax.

Income statement

Revenue from contracts with customers (sale of goods) rose by 20.9% to N17.57 billion in H1 2021 from N14.53 billion in H1 2020.

The gross profit stood at N6.94 billion, a 19.2% rise from N5.82 billion H1 2020. The gross profit margin slightly dropped to 39.5% in H1 2021 from 40.1% in H1 2020.

The profit before tax declined by 6.4% to N2.13 billion, due to the increases in the distribution costs and administrative expenses to N3.29 billion and N1.05 billion respectively, coupled with minus N164.7 million recorded as ‘other operating losses.

Nascon Allied Industries Plc paid an income tax of N682.6 million, lower than the N790.27 million paid in H1 2020.

The profit after tax dropped by 2.5% to N1.45 billion from N1.49 billion in H1 2020. Similarly, the earnings per fell to N1.09 from N1.12.

  • Read also: Ecobank Transnational Incorporated grows profit by 29% in H1 2021
  • Unilever Nigeria’s profit after tax in H1 2021 soars by 237.6% YoY

Balance sheet

The total assets of the company rose by 3.0% to N45.66 billion as at 30 June 2021 from N44.31 billion as at 31 December 2020.

Major components of the assets

  • Property, plant and equipment: N15.71 billion (N16.70 billion in 2020)
  • Trade and other receivables: N14.19 billion (N13.36 billion in 2020)
  • Inventories: N5.1 billion (N5.16 billion in 2020)
  • Right of use assets: N3.75 billion (N3.70 billion in 2020)

The cash and cash equivalents declined to N1.93 billion from N2.6 billion as at 31 December 2020.

The total liabilities of the company equally increased by 3% to N32.54 billion from N31.59 billion in 2020. 81.1% of the total liabilities are current liabilities.

Major components of the liabilities

  • Trade and other payables: N24.50 billion (N23.1 billion in 2020)
  • Lease liabilities: N3.51 billion (N3.43 billion in 2020)
  • Current tax payable: N1.13 billion (N787.18 million in 2020)

The total equity increased N13.35 billion due to an increase in the retained earnings to N11.35 billion in H1 2020 from N10.96 billion in 2020.

About Nascon Allied Industries Plc

Nascon Allied Industries Plc (Formerly known as National Salt Company of Nigeria) was incorporated in Nigeria as a limited liability company on 30 April 1973. It was fully privatised in April, 1992 and became listed on the Nigerian Stock Exchange on 20 October, 1992.

At a general meeting held on 29 September 2006, the shareholders approved the acquisition of the assets, liabilities and business undertakings of Dangote Salt Limited and the issue and allotment of additional NASCON PLC shares as the purchase consideration.

The major shareholder of the Company is Dangote Industries Limited that owns 62.19% of the issued share capital, while the remaining 37.81% is held by the general public.

The ultimate controlling party is Dangote Industries Limited, a company incorporated in Nigeria.

The registered address of the Company is located at Salt City, Ijoko Ota, Ogun State. 1.1

The principal activities of the Company during the year include processing of raw salt into refined, edible and grade salt. The company also produces Seasoning and Vegetable Oil. The Company’s products are sold through distributors across the country.

The share price closed at N15.05 per share at the close of trading on Monday on the floor of the Nigerian Exchange.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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