NASCON reports N1.27bn after tax profit in 6-month

NASCON Allied Industries Plc has reported a profit after tax of N1.274 billion for the half year ended 30 June, 2016. NASCON Plc improved profit after tax in its business of refining and sale of edible, refined, bulk and industrial salt, tomato paste, vegetable oil as well as seasoning by N242 million represented 23.40 per cent from N.032 billion during the same period of 2015.

The company in its financial statements for the half year 2016 shows that NASCON retained 14.83 per cent of its revenue as profit after tax as against 15.63 per cent retained during the same period of 2015.

NASCON revenue rose from N6.606 billion it made in June 2015 to N8.590 billion at the end of half year 2016. This upwelled by N1.984 billion or 30.03 per cent

It declared profit before tax of N1.873 billion in half year 2016; this is N355 million increased from N1.518 billion it made in 2015.

NASCON spent huge amount of its revenue to service cost of sales at the end of 2016 half year which stood at 65 per cent, although slightly reduce from 68.75 per cent spent in 2015.

The company’s put more efforts in increasing its investment during the half year of 2016 by N11.023 million which is 4,272 per cent increased to end the half year with N11.281 million.

Its administrative expense rose from N588.436 million of 2015 to N614.904 million in 2016.

The earnings per share of NASCON stood at 96 kobo at the end of half year 2016 from 78 kobo of the same period of 2015.

Total assets move up from N16.243 billion to N19.243 billion in June 2016. While its total liabilities also increased from N10.228 billion to N12.338 billion in 2016.