Q1 2024 UNAUDITED RESULTS
NASCON Allied Industries Plc 30th April 2024
UNAUDITED RESULTS FOR THREE MONTHS ENDED 31st MARCH, 2024
Strong Revenue up 40% at ₦23.6B
Gross profit up 61% at ₦11.2B
EBITDA up 74% at ₦5.3B
Lagos, 30th April 2024: NASCON Allied Industries Plc announces unaudited results for the period ended 31st March 2024.
Financial highlights
- Revenue up 40% to ₦23.6B
- Gross profit up 61% to ₦11.2B; 47% margin
- EBITDA up 74% to ₦5.3B; 22% margin
- Profit before tax down 24% to ₦1.8B
- Profit after tax down 25% to ₦1.2B
- Earnings per share down 25% at ₦1.86
Operational highlights
- Volume growth of 10% on prior year
- Combined operational utilization of 84%
Thabo Mabe, Managing Director, said:
"Spurred by strong operational performance, and despite inflationary cost pressures, we achieved remarkable revenue growth of 40% to ₦23.6 billion. The revenue growth resulted from volume growth and strategic pricing actions influenced by rising input costs. Gross profit grew by 61% while EBITDA rose by 74% to ₦5.3 billion. Our customer-centric approach and strategic cost management resulted in these favourable outcomes.
Currency devaluation resulted in an extraordinary foreign exchange loss of ₦3.0 billion which depressed PAT to ₦1.2 billion, a 25% decline from the previous year. The operational business environment is challenging but we are confident that we are executing a robust strategy that will ensure we surpass our prior year achievements.
In spite of the uncertain market conditions, we remain assured in our ability to navigate the evolving business landscape and capitalize on opportunities for growth in the most essential foods category."
NASCON ALLIED INDUSTRIES PLC | 2 |
About NASCON Allied Industries Plc
NASCON Allied Industries Plc is Nigeria's leading refiner and distributor of household, food processing and industrial-use salt. The company has since evolved to include Seasoning production. It has facilities in Lagos State (Apapa), Ogun State (Ota), and Rivers State (Port Harcourt).
The Apapa refinery, located in the Apapa Port of Lagos, was commissioned in 2001. The Port Harcourt refinery located in the sea-port in Rivers State was commissioned in 2003. The former Oregun plant, commissioned in 2004 to produce refined salt, was converted to a fleet workshop in 2021 with the commissioning of the new state-of-the-art refinery at Salt Village, Apapa.
We made a strategic decision in 2011 to grow the company through new product lines. We took advantage of our existing site in Ota and we commissioned a state-of-the-art Seasoning plant in 2014. Our plants are primarily powered through the National Grid supported by gas and diesel-fueled generators, with combined capacity to generate 6.1MW of power.
A member of the Dangote Group of companies, NASCON is squarely committed to achieving the mission and vision of the Group through our products and every interaction.
Website:https://nascon.dangote.com/
Twitter: @DangoteSalt
Contact details:
Morayo Tukuru
Head of Investor Relations NASCON Allied Industries Plc Investors.Nascon2@dangote.com ir@dangote.com
NASCON ALLIED INDUSTRIES PLC | 3 |
Summary of key performance indicators
INCOME STATEMENT | Q1 2024 | Q1 2023 | |||||
₦ M | ₦ M | CHANGE | |||||
Revenue | 23,618 | 16,901 | 40% | ||||
Cost of sales | 12,461) | (9,949) | 25% | ||||
Gross profit | 11,158 | 6,952 | 60% | ||||
GP Margin | 47% | 41% | |||||
Other income | 102 | 83 | 23% | ||||
Other operating gains/(losses) | (3,056) | - | n/a | ||||
Distribution costs | (4,994) | (3,470) | 44% | ||||
Administrative expenses | (1,431) | (1,014) | 41% | ||||
Operating profit | 1,778 | 2,551 | -30% | ||||
EBITDA | 5,287 | 3,038 | 74% | ||||
EBITDA Margin | 22% | 18% | |||||
Interest received | 419 | 141 | 196% | ||||
Interest paid | (358) | (259) | 38% | ||||
Profit before taxation | 1,839 | 2,434 | -24% | ||||
PBT Margin | 8% | 14% | |||||
Taxation | (607) | (791) | -23% | ||||
Profit for the year | 1,232 | 1,643 | -25% | ||||
Earnings per share (kobo) | 186 | 248 | -25% | ||||
FINANCIAL POSITION | Q1 2024 | Q1 2023 | |||||
₦ M | ₦ M | CHANGE | |||||
Property, plant and equipment | 11,649 | 12,126 | -4% | ||||
Right of use assets | 4,064 | 3,858 | 5% | ||||
Non-Current Assets | 15,713 | 15,984 | -2% | ||||
Other Current Assets | 53,392 | 27,289 | 96% | ||||
Cash and cash equivalents | 15,697 | 15,904 | -1% | ||||
Current Assets | 69,089 | 43,193 | 60% | ||||
Total Assets | 84,802 | 59,177 | 43% | ||||
Total Equity | 28,704 | 20,686 | 39% | ||||
Non-Current Liabilities | 6,415 | 6,069 | 6% | ||||
Current Liabilities | 49,682 | 32,422 | 53% | ||||
Total Liabilities | 56,098 | 38,491 | 46% | ||||
Total Equity and Liabilities | 84,802 | 59,177 | 43% | ||||
CASH FLOWS | Q1 2024 | Q1 2023 | |||||
₦ M | ₦ M | CHANGE | |||||
Cash and cash equivalent at beginning of period | 25,613 | 13,006 | 97% | ||||
Net cash from operating activities | (8,346) | 4,732 | -276% | ||||
Net cash from investing activities | 379 | (48) | -888% | ||||
Net cash from financing activities | (1,949) | (1,786) | 9% | ||||
Cash and cash equivalent at end of period | 15,697 | 15,904 | -1% |
NASCON ALLIED INDUSTRIES PLC | 4 |
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NASCON Allied Industries plc published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 14:47:07 UTC.