Nascon Allied Industries Plc achieved a pre-tax profit of ₦36.6 billion for the nine months ending September.
This figure represents a 168.8% increase from ₦13.6 billion earned during the same period last year.
Moreover, in the third quarter alone, pre-tax profit rose 108.9% to ₦13.4 billion, showing the company’s continued strong momentum.
Nascon Plc Revenue Growth
Revenue climbed 46.9% to ₦117.3 billion, driven by higher sales of salt and seasoning products.
Notably, northern region sales led growth, generating ₦29.6 billion, a 40.6% increase compared with last year.
Meanwhile, western and eastern regions contributed significantly, recording revenues of ₦7.2 billion and ₦2.2 billion, respectively.
Cost of sales increased 34.8% to ₦60.16 billion, largely because raw material expenses reached ₦17 billion.
Consequently, gross profit surged 62.2% to ₦57.18 billion, maintaining healthy margins despite rising production and material costs.
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Furthermore, other income grew 53% to ₦202.2 million, while operating profit jumped sharply to ₦33.24 billion.
Finance income expanded to ₦3.97 billion, and finance costs fell 41.98% to ₦541.8 million, boosting profitability.
Strong Balance Sheet
As a result, profit before tax rose 168.8% to ₦36.68 billion, reflecting strong revenue growth and improved financial management.
After paying ₦12.35 billion in taxes, the company retained a net profit of ₦24.33 billion, up 171.6% year-on-year.
The company slightly expanded total assets to ₦112.4 billion, with cash of ₦42.4 billion forming the largest portion.
Meanwhile, liabilities fell to ₦50.4 billion, while total equity strengthened to ₦61.9 billion, aided by retained earnings.
Overall, these results highlight Nascon’s strength in salt and seasoning markets and its disciplined approach to costs.
