Shareholders of National Salt Company of Nigeria (NASCON), a subsidiary of Dangote Group, yesterday commended the company on the huge investment made in the production of tomato paste, vegetable oil and seasoning. The commendation came as NASCON announced a dividend of N1.32 billion, translating to 50 kobo per share, for every investor of the company for the 2014 financial year.

Shareholders, who spoke during the 2014 Annual General Meeting (AGM) of the company in Lagos, urged the board to strengthen its research and development department to achieve optimal result and enhance operations.

A shareholder, Kazeem Olayiwola, lauded the management for enhancing their returns on investment through dividend payout. Olayiwola expressed satisfaction on the successes recorded so far in the production of other food condiments apart from salt, adding that the investment would translate into more values for stakeholders.

He charged the management of NASCON, especially the marketing division, to be more innovative as to drive more sales of the several range of products now available within the company. He specifically tasked the management to pay more attention to staff training and incentives as these are essential to drive productivity.

Another shareholder, Sotunde Sopeju, also commended the management for turning around the fortunes of NASCON, which has since gone beyond salt refining.

He said that NASCON has done well in paying of dividends, adding that most of the banks are unable to pay dividends. Sopeju lauded the management for ploughing back much of the profit into new projects, adding that it would boost the company’s revenue going forward.

Reviewing NASCON’s performance, Chairman of the company, Aliko Dangote, assured shareholders that its new business lines will impact significantly on the returns to shareholders.

According to him, the new business will drive both revenue and profit.

Dangote said that following the approval of the shareholders at the last AGM to change the name of the company to reflect current investments and new operational status as a manufacturer of other related consumer and daily needs, the company is now known as Nascon Allied Industries Plc.

“I am happy that our prospect for 2015 remains excellent. We shall continue to be committed to improving our upward trend, and we will ensure your company continues to grow and remain competitive so as to deliver increasing dividend to all stakeholders,” the Chairman said.

He explained that the company posted a turnover of N11.2 billion, representing 4 per cent rise when compared to N10.8 billion achieved in 2013.

Dangote, however, disclosed that profit before tax stood at N2.8 billion compared to N4 billion achieved in the previous year. He expressed optimism that the new investments made by the company would enhance profitability and robust dividend to shareholders in the current financial year.

•Photo shows National Salt Company of Nigeria (NASCON), a subsidiary of Dangote Group, yesterday held its 2014 Annual General Meeting, in Lagos. From right is the Company Chairman, Alhaji Aliko Dangote, Managing Director, Mr. Paul Farrer and a Director, Knut Ulmvoen.