By Felix Ugbechi
The Chairman of the National Salt Company of Nigeria Alhaji Aliko Dangote has assured shareholders of increase in profit and turnover in the next financial year, stressng that plans have reached an advance stage for the company to go into local packaging of tin tomato (Dangote Tomato), a move that will allow it to further entrench its position in the market.
Addressing shareholders at the company’s Annual General Meeting (AGM) in Kano last week, Alhaji Sanni Dangote, who represented the Chairman of NASCON at the meeting, said the company was poised to deliver greater value to their customers
According to him, “This investment in the local packing of tin tomato, in addition to the completion of the installations for sachet producing lines for salt “will enable an eventual transformation of our business model. We believe that the full benefit of all on-going investment will be raped in years 2011 and beyond.”
In his review of the year’s performance, Dangote, explained that despite various business challenges, the company in 2009 posted a turnover of N8.8 billion, up by 11 per cent over the previous year’s, while profit after tax went up by 42 per cent to N1.8 billion.
“We are however committed to the improvement of this trend” he said . He also restated the determination of the Board and management to ensure sustained growth, while remaining competitive.
The prospect of NASCON for the year 2010, according to Dangote remain bright, just as he stressed the determination to maintain its leadership position in the industry, regardless of the increased competition in the Salt and Tomato sub-sectors.
Reacting to issues raised by shareholders, Dangote assured that they would be addressed by the board and management, just as he stressed that protection of investor interest is an integral part of the
While commending the staff for their commitment to the business “as demonstrated in their hard work and loyalty,” the Chairman promised that the company will continue to expose the staff to further training and development opportunities and international best practice in order
to maximize their potential.
Meanwhile, shareholders at the meeting approved the Board of Director’s proposed N1.325 billion as dividend for the financial year ended December 31, 2009 . This translates to a dividend of 50 kobo per share. The shareholders applauded the efforts of the Board and management to keep the company on the path of profitability, despite what they described as various economic challenges.
Speaking at the AGM, Chief Aderemi Oyepeju, Chairman, Ibadan Zonal Shareholders Association of Nigeria sad “Shareholders are very pleased with the performance of members of the Dangote Group listed on the Nigerian Stock Exchange (NSE). We are particularly happy with the increase in dividend payout from 40 kobo per share in the corresponding period of 2008 to 50 kobo. This is evidence that Dangote Group has continued to add value for the good of both the economy and other stakeholders.
The increased dividend payout is a testimony to the increased investments that now make the company remain very profitable even in these trying times. My visit to salt city, NASCON salt factory confirmed my belief in the bright future of the company”
Mr. Godwin Ede, also a shareholder said , “ I am happy that the company has continued
to create employment for more people, just as chairman of Trustees Shareholders Association, Alhaji Muktar Muktar attributed the continued improved performance of the company to its “dedicated and competent management team”. Muktar expressed satisfaction that NASCON is paying 50 kobo per share as dividend while banks are offering between one kobo and ten kobo. He maintained that no bank has paid up to 50 kobo dividend to shareholders since this year.