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NASCON proposes N1.50 dividend for shareholders

Salt refining company, NASCON Allied Industries Plc, has proposed a dividend payout of N1.50 to its shareholders on May 8, this year.

The company, in a notice to the management of Nigerian Stock Exchange (NSE) on Monday signed by its Secretary, A. A. Samuel, hinted that no bonus had been proposed yet to shareholders for the year under review.

This is even as it stated further that official register for the shareholders would be closed from Friday, 20th and Monday 23rd of April, 2018.

The company however, warned shareholders to complete their electronic-dividend platform, adding that no shareholder would be credited except those that fulfilled regulatory requirement for the annual payout.

Samuel stated: “Only those (shareholders) who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly to their registered bank account.”

He disclosed that the company’s Annual General Meeting (AGM) would hold on May 3, to present and approve the company’s balance sheet for another business year by shareholders, management and financial market regulators.

The notice showed that the company‘s Profit After Tax (PAT) for the period ended December 31, 2017 grew 121.25 percent to N5.34 billion from N2.41 billion posted a year ago.

Similarly, the salt refiner’s Profit Before Tax (PBT) rose 124.94 percent to N7.91 billion, up from the N3.52 billion declared in the preceding year.

According to the company’s filing with the Nigerian Stock Exchange (NSE), its incomes increased from N18.29 billion in 2016 to N27.06 billion recorded in the review period; showing an increase of 47.96 percent.

About Lanre Oyetade

A multiple award winner in Economics and business journalism, Lanre Oyetade has served close to two decades in the media industry, spanning different notable stables, where he is privileged to have risen to the position of a title editor. A masters degree holder in Economics from the University of Lagos and doctoral student at the Babcock University, he is a winner of the prestigious NMMA Capital Market Award for two consecutive years (2004 & 2005), and was also a nominee for the body’s banking and finance and money market awards for two years. In 2013, he also won the Most Outstanding Business-Reporting Title Editor award of the National Institute of Marketing of Nigeria (NIMN). A minister in the LORDS’s vineyard, he has been an inspirational speaker and resource person at many corporate and religious fora since early 2004, and has so far authored three books on the capital market; on personal effectiveness, and on personal finance, in 2008 and 2014, respectively.