Nascon Allied Industries Plc, a salt-processing and seasoning company led by Nigerian billionaire Aliko Dangote, reported mixed financial results for the first nine months of 2024. The company saw a robust 35.15% revenue increase, reaching N79.89 billion ($48.61 million), up from N59.11 billion ($35.88 million) in the same period of 2023, driven by high demand for salt and seasoning products in Nigeria’s consumer goods sector.
However, rising costs for raw materials, energy, and other operations impacted profitability. Net profit fell by 18.64% to N8.96 billion ($5.45 million) from N11.01 billion ($6.7 million) in 2023, showing margin erosion under inflationary pressures.
Nascon, a key unit of Dangote Group—Africa’s largest industrial conglomerate—experienced strong asset growth despite profitability challenges. Total assets surged 42%, from N78.27 billion ($47.45 million) in September 2023 to N111.36 billion ($67.5 million) in September 2024, driven by increased inventory and trade receivables. Retained earnings also rose, climbing from N25.64 billion ($15.56 million) in 2023 to N34.64 billion ($20.99 million) in 2024, reflecting the company’s financial resilience and capacity to meet growing demand.
Aliko Dangote, who owns a 62.2% stake in Nascon through 1,647,763,557 ordinary shares valued at approximately $35.6 million, remains Africa’s richest person with a net worth of $27.8 billion, ranking him 65th globally. Nascon has introduced targeted supply chain optimizations to address cost pressures and improve operational efficiency in the current economic climate.