Nascon Allied Industries Plc has reported an increase in its profit after tax from N5.46 billion reported in 2022 to N13.72 billion for 2023. This represents an increase of 151.28% from the previous year.

This is contained in the company’s 2023 financial report published on the Nigerian Stock Exchange (NGX).

The company’s revenue grew by 37.49% to N80.82 billion from N58.78 billion reported in 2022.

Nascon Allied also posted a pre-tax profit of N20.58 billion, representing an increase of 145.58% from the N8.37 billion posted in FY 2022.

The Board recommended a special dividend of N5.18k per share, an increase from the N2.06k recorded in 2022.

Details of Nascon Allied financial result for 2023
Revenue- N80.82 billion from N58.78 billion in 2022
Gross profit- N44.31 billion from N24.54 billion in 2022
Operating profit- N21.09 billion from N8.67 billion in 2022
PBT- N20.58 billion from N8.37 billion in 2022
Profit-after-tax (PAT) – N13.72 billion from N5.46 billion in 2022
EPS- N5.18k in 2023 from N2.06k in 2022
The company recorded an net exchange rate gain of N228.3 million in 2023- an increase from the N368.69 million net FX loss recorded in 2022.

Nascon Allied plc share price was up by 4.4% today to N58.5k on the Nigerian Stock Exchange (NGX) on the back of filing the report.

For 2023, the company paid a tax of N6.85 billion, an increase from the N2.90 billion.

SOURCE: NAIRAMETRICS