Shareholders have commended the board and management of NASCON Allied Industries Plc for sustaining good performance despite the challenges in the operating environment.
At the annual general meeting on Thursday in Lagos, shareholders commended the company for continuous improvement in its operations and returns to shareholders.
Founder, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, noted that the board and management of NASCON have been able to sustain dividend payment despite the harsh operating environment, due to Apapa Wharf gridlock and the downturn in the national economy.
According to him, while other companies are lamenting and cutting down on production, NASCON is rewarding shareholders with good dividend.
National Coordinator, Pragmatic Shareholders Association of Nigeria (PSAN), Mrs. Bisi Bakare, said the quality of the products from NASCON were of high standards comparable to similar global products.
She also lauded the board and management for the company’s dividend policy noting that the company has paid dividends consistently for the past 11 years.
Another shareholder, Muktar Muktar said pointed out that NASCON garnered more market share through the introduction of three new products in 2018.
Mrs. Funke Godswil however lamented the impact of Apapa Wharf traffic gridlock which she noted has been hindering optimal performance of companies within the axis.
Another shareholder, Sunday Apu, bemoaned the issue of smuggling of salt products through the borders which erodes the market share of NASCON.
He called on the management to collaborate with the Nigeria Customs Service in order to curb the spate of smuggling which stifles domestic production.
Another shareholder, Olagoke Olusegun, said the good synergy between an experienced board and a versatile management is seen in the performance of the company despite the harsh operating environment manufacturing companies faced in the year 2018.
He urged the management to continue to adhere to best operating guidelines in line with the requirements of regulatory agencies.
Executive Director, Commercial, NASCON Allied Industries Plc, Fatima Aliko-Dangote, said the company was targeting more market share in the food sector through increased product range and innovation.
According to her, the company, which added three new products in 2018, would be introducing more products this year as part of strategies to meet the needs of its varied customer base.
She said NASCON products are widely accepted in the market.
Managing Director, NASCON Allied Industries Plc, Paul Farrer said the company demonstrated resilience in the challenging environment of 2018 and is now strongly focused on capacity growth and increased market penetration.
He said the company would be leveraging on a number of synergies including improved output in terms of quality, quantity and business efficiency to deliver value for all stakeholders.
“We launched the Dangote Stew Mix, Dangote Curry and Dangote Classic seasoning. These three products are part of a wider product enrichment plan to diversify our product portfolio. The products were specifically developed to meet and surpass the needs of our consumers across the country. Each of these products has been tailored to suit the local taste and cooking habits of the different regions in Nigeria. We would continue to differentiate ourselves in our product category by consistently delivering high quality, nutritious products,” Farrer said.