capital market

NASCON Allied Industries declares dividend, bonus as profit grows by 151%

Published

2 months ago

March 11, 2024

NewsDirect

Leading food seasoning manufacturer, NASCON Allied Industries has gained more market share even as its profit after tax (PAT) rose by 151 percent to N13. 73 billion for the financial year ended December 31, 2023. A review of the company’s 2023 annual results and accounts indicated that profit after tax rose by N8.26 billion over N5.47 billion recorded in 2022. The company earned a revenue of N80.83 billion, which represents 38 percent or N22.04 billion over N58.79 billion in the preceding year. Profit before tax (PBT) increased by 146 percent or N12.22 billion to N20.59 billion compared to N8.37 billion in 2022.

It should be recalled that the company’s managing director, Mr. Thabo Mabe at its last annual general meeting for 2022 said NASCON will not rest on its achievements but will move from street to street, market to market, shop to shop and shelf by shelf, introducing its array of products to consumers. He said that as a company in the fast-moving consumer goods sector, the management team has developed plans and strategies to capture more share in chosen markets and will gradually deploy them in the coming months. This declaration and subsequent follow-up actions reflect in the company’s performance.

In his remarks on the 2023 company results, Thabo Mabe, Managing Director, said, “I am delighted to present robust results for the full year ended 2023, despite high inflation in a challenging macroeconomic landscape. These positive outcomes were bolstered by our robust value proposition, enhanced operational efficiency, and continuous efforts to manage costs. We achieved a 37 percent growth in revenue, at N80.8 billion, while EBITDA surged to N23.1 billion, marking a remarkable 104 percent increase from the previous year. PAT came in at N13.7 billion, up 151 percent.

“As we prioritise delivering value to our shareholders, the Board approved an interim dividend of N1.00 and has proposed a bonus issue of 2 shares for every 100 shares held. This decision reflects our commitment to maximizing shareholder value and our aim to reinforce your confidence in Nascon.

“Looking ahead, I am confident our business is well positioned for the next phase of growth, as we continue to deliver unwavering services to our customers.”

NASCON is one of the firms that is known for taking good care of shareholders through consistent payment of dividends. The board and management of NASCON have demonstrated the ability to navigate the harsh operating environment that resulted from the Apapa Wharf gridlock and the downturn in the national economy. While other companies are lamenting and cutting down on production, the company is paying dividends and giving bonus shares which are commendable.

NASCON Allied Industries Plc is a Nigeria-based company that is engaged in the processing of raw salt into refined, edible, and graded salt. The Company’s products include salt and seasoning. Its salt products include refined table salt, pure dried and vacuum (PDV) salt, edible industrial salt, and non-edible industrial salt. The Company’s seasoning product is Dangote Classic Seasoning.

Its flagship product is the Dangote Refined Table salt (Dangote Salt), which is a finely refined product for home/domestic use. Dangote Salt is also suitable for domestic baking and is available in retail packs of 250 grams (g), 500 g, and one-kilogram (KG) sachets.

capital market

FG lists N4.214bn April savings bonds on NGX

Published

2 days ago

May 16, 2024

NewsDirect

The Federal Government has listed its April 2024 Savings Bonds worth N4.214 billion on the Nigerian Exchange Limited platform.

This was disclosed in the market bulletin signed by Godstime Iwenekhai, Head, Issuers Regulation Department of NGX.

According to the bulletin, “Trading License Holders are hereby notified that the April 2024 Issue of the Federal Government of Nigeria (FGN) Savings Bonds was listed on Nigerian Exchange Limited (NGX) on May 13, 2024.”

Details of the Bonds include FGS April 2026, 1.228 million units valued at N1.228 billion at a coupon rate of 17.046 percent, while FGS April 2027, 2.986 million units amounted to N2.986 billion at a coupon rate of 18.046 percent.

The bonds are backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria, according to the debt office.

FGN Savings Bond is issued monthly in tenors of two and three years with quarterly payment of coupons (interest) at a rate predetermined and published by the DMO every month.

The retail savings bond product was introduced by the Debt Management Office (DMO) on behalf of the Federal Government in 2017 to democratise its activities in the bond market by making it easily accessible to Nigerians to ensure continuous development of the domestic market and bridge infrastructure deficit which has been a constraint to economic growth.

capital market

LCFE inducts 23 commodities brokers

Published

2 days ago

May 16, 2024

NewsDirect

As part of its capacity building functions, Lagos Commodities and Futures Exchange (LCFE), has onboarded and inducted another 23 Commodities Brokers, the fourth edition in the series, to increase the number of professionals to specialise in various asset classes in the Nigerian commodities ecosystem.

On the list of those inducted last week were the Managing Director, Dynamic Portfolio Limited, Mr Remi Lasaki and many Chief Executive Officers of stockbroking companies in Nigeria.

In his welcome address, LCFE’s Managing Director and Chief Executive Officer, Mr Akin Akeredolu-Ale, urged the inductees join hands with The Exchange to build a virile commodities market that shall be beneficial to all.

“LCFE is working hard to build a market that will benefit the entire Capital Market and its brokers. Each broker can select a commodity and dedicate their focus on it, thereby enhancing your company’s wealth, your individual skill set and contributing to the growth of the Nigerian Economy.

“Together, let us seize this opportunity to build a vibrant and dynamic marketplace that unlocks new possibilities for investors, enhances economic prosperity, and positions Nigeria as a leader in commodities trading.

“The Exchange is actively engaging with the Securities and Exchange Commission to obtain approval for more products like Lithium, diamond and Oil and Gas commodities. Just yesterday, we signed an MOU with a Global Certification Agent Bureau Veritas to certify lithium and other Solid Mineral commodities to be traded on LCFE. Additionally, we have made significant strides in the Cashew ecosystem, signing an MOU with the Cashew Association of Nigeria (CAN), aggregators, and a major cashew processor.

“Eko Gold also represents a pioneering investment opportunity within our commodities ecosystem, leveraging stability and transparency to diversify options, attract capital, and create value across the value chain. LCFE is fully committed to supporting its growth and providing brokers with the tools and guidance needed for effective promotion of the asset classes,” said Akeredolu-Ale.

Corroborating him, the Chairman, Securities Dealing Houses of Nigeria (ASHON), Mr Sam Onukwue, noted LCFE was established for total transformation of commodities exchanges in Nigeria and boost the country’s Gross Domestic Product (GDP).

“The underpinning drive for establishing the exchange was the need to transform and reposition the commodities market and harness opportunities in the commodities ecosystem. This drive will enhance and crate value for all stakeholders in the ecosystem,” he said.

The newly elected President of Chartered Institute of Stockbrokers (CIS), Mr Oluropo Dada, congratulated the inductees and advised them to uphold the ethical standard of the profession and operate with skills and integrity.

Akeredolu-Ale also congratulated the new board and management of Securities and Exchange Commission (SEC), under the new Director General, Dr Emomotimi Agada.

In July last year, the Pan African Exchange inducted 33 commodities brokers, including the first female office holder at Chartered Institute of Stockbrokers (CIS), Mrs Fiona Ahimie.

capital market

Tinubu asks Senate to confirm four board members of SEC

Published

2 days ago

May 16, 2024

NewsDirect

President Bola Tinubu has asked the Senate to screen and confirm four persons appointed as board members of the Securities and Exchange Commission (SEC), the apex regulator of Nigeria’s Capital Market.

The President’s request was contained in a letter read by the Senate President, Godswill Akpabio during the plenary on Wednesday.

The appointed members of the SEC are Emomotimi Agama, Frana Chukwuogor, Bola Ajomale and Samiya Hassan-Usman.

While Agama was appointed as Director-General, Mr Chukwuogor will serve as Executive Commissioner (Legal and Enforcement) of the Security and Exchange Commission. Ajomale was appointed as Executive Commissioner (Operations) while Hassan-Usman was appointed as Executive Commissioner (Corporate Services).

In April, President Tinubu approved the appointment of seven persons as members of the SEC pending their confirmations by the Senate. But, only four names were transmitted to the Senate for confirmation and Tinubu did not give reasons for not including the names of the other three professionals.

In the letter, the President explained that the appointment complied with the provisions of section (1) of the Investment and Security Act of 2007.

“Confirmation of appointment of the Director-General and Commissioners of the Securities and Exchange Commission.

“By the provision of sections 3 and 5 (1) of theInvestment and Securities Act 2007. I am pleased to present for confirmation by the Senate the under-listed four nominees as Director-General and Commissioners of Securities and Exchange Commission,” he said.

The president urged the lawmakers to expedite the screening and confirmation process.

The Senate President thereafter referred the request to the Senate Committee on Capital Markets to report back to the Senate within two weeks.