Proshare Logo
   Market Date: 30-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

National Salt posts N7.8bn turnover

Category: Investors NewsBeat

  Read (1418)
National Salt posts N7.8bn turnover

Inspite of the uncertainties in the global economy and other vagaries not favourable to business, the National Salt Company of Nigeria posted a turnover of N9.8bn in the 2008 financial year.

The company achieved a profit after tax of N1 298bn in the financial year, while profit before tax was N1.89bn, a per centage growth of 26 per cent.

Chairman of NASCON, Alhaji Aliko Dangote, however, said the result was below expectation for the year.

According to him, ”The economy performed below expectation in 2008. The world economy crises witnessed towards the end of the year and increased crisis in the Niger Delta region saw to the continued decline in crude oil exploration and production by the country.”

Represented by one of the directors of the company, Mr. Olakunle Alake, he added that ”this meant that national finances deteriorated in the year. In addition, the poor state of the country‘s infrastructure and the devaluation of the naira in the last quarter of 2008, further worsened the economic environment. This devaluation led to higher cost of production, which impacted negatively on businesses in general within the country.”

Dangote, who also revealed that NASCON’s financial target was affected because it imports its major raw material from Brazil, said, ”The challenges of the business of the year under review notwithstanding, our company posted a turnover of N7.8bn reflecting a percentage growth of 26per cent over the previous year.

He said, ”Operating profit before tax achieved was N1.89bn, while our after tax profit was N1.298bn, showing a modest growth over the past year.” He emphasised that the performance reflected the impact of the operating environment and the company‘s response by way of measures and policies put in place to ensure that it remained profitable.

Speaking on the 2009 prospect, the chairman told the shareholders that NASCON is committed to maintain its leadership in the salt industry, and as a result, it has installed two additional sachet salt production lines with a rate capacity of 180, 000 tonnes per annum.


Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Investors NewsBeat

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014