NASCON Allied Industries Plc has said it will retain its focus on implementing a sustainable expansion strategy in a bid to increase its market share in the food sector. The Chairperson, NASCON, ’Yemisi Ayeni, said the company regularly reviewed its strategy last year to ensure alignment with market realities.
She told shareholders at the company’s Annual General Meeting on Thursday in Lagos that the review was done “in a bid to deliver on our commitment to continuous value creation and retention of our position as market leader in our core business.”
She said, “In 2019, we remain positive about our business, and we will retain our focus on implementing a sustainable expansion strategy. During the year, we would continue to drive new seasoning products, whilst constantly engaging our shareholders.
In respect of our core salt business, we are excited about our significant investment in expanding our refined capacity while leveraging on our brand dominance.
This capacity would be focused on driving volumes in both the sachet and corporate segments of the market.” The Executive Director, Commercial, NASCON, Fatima Aliko-Dangote, described NASCON products as widely accepted in the market, saying the company introduced three new products in 2018.
She said the company would introduce more products this year as part of strategies to meet the needs of its diverse customer base. The Managing Director, NASCON, Paul Farrer, said the company demonstrated resilience in the challenging environment last year, adding it remained strongly focused on capacity growth and increased market penetration.
He disclosed that the company achieved sales volume of 397,561 metric tonnes in 2018, with revenue of N25.77bn and earnings before interest, taxes, depreciation and amortisation of N7.95bn and a profit before tax of N6.45bn with a 25 per cent margin.