NASCON Allied Industries Reports Impressive 151% Profit Growth in 2023

NASCON Allied Industries has reported a staggering 151% increase in its Profit After Tax (PAT) for the financial year ended December 31, 2023.

The company’s impressive growth can be attributed to its strategic focus on market share expansion and operational efficiency in the face of a challenging macroeconomic landscape.

The company’s 2023 annual results and accounts reveal a 38% or N22.04 billion increase in revenue, reaching N80.83 billion compared to N58.79 billion in the previous year.

Profit Before Tax (PBT) also experienced a significant rise of 146% or N12.22 billion, totaling N20.59 billion against N8.37 billion in 2022.

NASCON Allied Industries’ Managing Director, Mr. Thabo Mabe, had previously mentioned the company’s commitment to reaching out to consumers and expanding its market share.

This dedication has evidently paid off, as the company’s financial performance in 2023 reflects its strong value proposition and continuous efforts to manage costs.

Despite high inflation and a challenging macroeconomic environment, NASCON Allied Industries managed to achieve a 37% growth in revenue and a 104% surge in EBITDA, reaching N23.1 billion.

The impressive 151% increase in PAT to N13.7 billion further highlights the company’s resilience and ability to thrive in difficult market conditions.

As NASCON Allied Industries continues to focus on enhancing its operational efficiency and cost management, the company is well-positioned to maintain its growth trajectory in the fast-moving consumer goods sector.

The 2023 financial results serve as a testament to the company’s commitment to delivering value to its stakeholders and adapting to the ever-changing market landscape.