Dangote’s salt-processing company surpasses $70-million revenue mark in 9M-2023

Nascon Allied Industries Plc, a leading salt-processing company primarily owned by Nigerian billionaire Aliko Dangote, has released its latest financial results, showcasing a remarkable performance in the first nine months of 2023, with revenues exceeding the $70-million milestone.

According to its recently published financial reports, the company witnessed a surge in revenue, marking an impressive 45.57-percent increase from N40.61 billion ($51 million) during the nine-month period of its 2022 fiscal year (9M 2022) to N59.11 billion ($72.4 million) in the nine-month period of its 2023 fiscal year (9M 2023).

The surge in revenue translated into remarkable profit growth, as Nascon Allied Industries reported a phenomenal 282 percent increase in profit after tax. Profits soared from N2.88 billion ($3.65 million) in 9M 2022 to an astounding N11 billion ($14 million) in 9M 2023. This can also be attributed to the company’s effective cost-optimization strategies, which yielded higher profit margins during the review period.

The impressive financial performance led to significant increases in Nascon Allied Industries’ total assets, which rose from N55.14 billion ($70 million) as of Sept. 30, 2022, to N78.27 billion ($99.4 million) by Sept. 30, 2023. Additionally, retained earnings surged from N14.7 billion ($18.6 million) to N25.6 billion ($32.5 million) during the same period, reflecting the company’s financial stability and growth.

Nascon Allied Industries operates as a subsidiary of the Dangote Group, a prominent pan-African manufacturing conglomerate founded by Dangote. The company specializes in processing raw salt into refined, edible, and graded salt, in addition to producing seasoning products and vegetable oil.

As the majority owner of Nascon Allied Industries, Dangote’s stake in the salt and seasoning processing company is worth $117 million, significantly contributing to his net worth of $16.1 billion, firmly establishing him as Africa’s richest individual.

In light of its outstanding results, the board of Nascon Allied Industries proposed an interim dividend of N1 ($0.00127) per share, amounting to N2.65 billion ($3.36 million). This dividend underscores the company’s unwavering commitment to creating value for its shareholders.