The
Rising from its 2020 Annual General Meeting that was held at the Civic Centre in
Its 2020 Annual Report with the theme 'Protecting Our Core' showed that NASCON recorded N2.69bn in Profit After Tax (PAT), for the financial year ended on
The Board of
The chairperson noted that "during 2020, many manufacturing businesses faced numerous challenges associated with COVID-19 and the resulting economic downturn. While I strongly believe that these are short to medium term, we have taken decisive measures to ensure stakeholder expectations are continually satisfied. We are confident that our business model will enable us to successfully navigate global changes while seizing opportunities to continually create value for our stakeholders.
"Year 2020 was a challenging year for our business and the world in general. Yet it was also a year that provided our business the opportunity to review service delivery processes, reposition the salt business based on our additional capacity, and focus on our distribution models. It is the long-standing trust and loyalty of our shareholders that has allowed us to implement our long-term vision and benefit from the resilience it brings," Ayeni added.
According to the Managing Director of
"Despite the diverse challenges faced during these trying times, we continue to demonstrate our resilience and optimism into 2021. We are focused on maximising the gains from our capacity expansion, human capital development, operational efficiency and aggressive trade in all market segments.
"In terms of market expansion, we have heavily invested in our new salt refinery. This is a state-of-the-art refinery plant, using best practices to produce high quality products for our discerning customers. The future for NASCON looks very bright. We have installed our new salt refinery and as a result, established a strong platform for future growth."
Also, the Executive Director, Commercial,
One of the shareholders at the meeting, Sir
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