Nascon Allied Industries Plc (NASCON), a leading salt processor and component of the Dangote Group owned by Africa’s richest man, Aliko Dangote, demonstrated operational resilience in Q1 2024, generating over $17 million.
Revenue increased 39.7 percent year on year (YoY) to N23.62 billion ($17.3 million) from N16.9 billion ($12.4 million) in Q1 2023, according to the company’s recently revealed unaudited financials for the period ending March 31, 2024.
The income gain was due to a jump in sales of salt and savory items in Northern Nigeria. Sales in the region increased to N23.62 billion ($17.3 million) in the first quarter of 2024, up from N12.14 billion ($8.9 million) the previous year.
Despite the tremendous revenue rise, profitability fell dramatically. Net income decreased to N1.23 billion ($899,000) in Q1 2024 from N1.64 billion ($1.2 million) in Q1 2023.
Dangote Group, a significant pan-African manufacturing group founded by Dangote, owns and manages NASCON. The company refines raw salt into edible and graded variations, in addition to generating seasonings and vegetable oil.
Dangote is Africa’s richest man, with a net worth of $15.6 billion from his majority ownership of NASCON, which is worth over $74 million.
NASCON displayed financial resiliency throughout the period. Total assets climbed to N84.8 billion ($62.16 million) as of March 31, 2024, up from N59.17 billion ($43.17 million) on December 31, 2023. Retained earnings also increased, reaching N26.95 billion ($19.75 million) from N18.93 billion ($13.9 million).
