Shareholders approve National Saltâ€™s N1.325b dividend for 2009
Category: Capital Market
FRIDAY, 17 SEPTEMBER 2010 BY MOSES EBOSELE
Shareholders of National Salt Company of Nigeria (NASCON) Plc- a subsidiary of Dangote Group, yesterday, approved the payment of N1.325 billion dividend for the year ended December 31, 2009, translating to 50 kobo per share.
The shareholders also commended the board and management for keeping the company on the path of profitability, despite what they described as various challenges in the economy.Specifically, Chairman of Ibadan Zone of Shareholders Association of Nigeria, Adeyemi Oyepeju, said shareholders were very pleased with all the listed companies under the Dangote Group.
Speaking further, he said 50 kobo in 2009 is an indication of growth over the 40 kobo dividend paid in 2008, adding that a recent visit to the factory confirmed his believe that the future of the company was very bright.Also, in his submission, the chairman of Trustees, Shareholders Association, Alhaji Muktar Muktar, attributed the growth to what he described as “dedicated and competent management team”.
Earlier in his speech, Chairman of the company, Alhaji Aliko Dangote, explained that despite various business challenges, the company in 2009 posted a turnover of N8.8 billion, an increase of 11 per cent over the previous year while profit after tax went up by 42 per cent to N1.8 billion.Represented by the Vice President of the group, Ajhaji Sanni Dangote, he said the performance reflects the impact of measures and policies implemented to ensure continued growth and enhanced profitability regardless of the operating conditions.
“We are however committed to the improvement of this trend.We shall work to ensure your company continues to grow and remain competitive” said Dangote.The prospect of NASCON for the year 2010, according to Dangote remain bright, adding that “We are committed to maintaining our leadership position in our industry regardless of the increased competition in the Salt and Tomato sub-sectors.
“As promised in the previous years, we successfully completed the installations of our sachet producing line, which will enable an eventual transformation of our business model.“In addition, locally packed Dangote Tomato should become available before the end of the year 2010. This will allow us to further entrench our position in the market as we deliver greater value to the consumer. We believe that the full benefit of all on-going investment will be raped in years 2011 and beyond”, Dangote added.
He also took time out to commend the staff of the company for their commitment to the business “as demonstrated in their hard work and loyalty.”On behalf of the Board and Management, he promised that the company will continue to expose the staff to further training and development opportunities and international best practice in order to maximise their potential.