Nascon Allied Industries declares 10.4% increase in profit to N2.97bn

By Philemon Adedeji

Nascon Allied Industries declared on Monday 10.4 per cent increase in profit for the full year ended December 31,2021.

The profit the  Company make during the period moved  from N2.69 billion in twelve months of 2020 to N2.97 billion in twelve months of 2021,an increase of 10.4 per cent.

The results which were released to the Nigerian exchange group (NGX), revealed that the company has a significant increase in profit before tax from N4.23 billion in twelve months of 2020 to N3.91 billion in twelve months of 2021, this result released shows an improvement of 8.4 per cent from corresponding period in the 2020 to 2021 Financial year.

The Operating profit result recorded reveals an improvement of 7.1 per cent from N4.02 billion in Full year of 2020 to N4.31 billion in full year of 2021.

The company also reported 3.4 per cent increase in gross profit from N11. 56 billion in twelve months of 2020 to N11.95 billion in twelve months of 2021.

From the profit and loss figures, the revenue generated moved from N28.01 billion in full year of  2020 to N33.2 billion in full year of 2021, this result recorded reveals an increase of 18.8 per cent.

Basic Earnings per share for the period appreciated by 9 per cent from N102 in twelve months of 2020  to N112 in twelve months of 2021.