Earnings Update | NASCON | 2020FY

NASCON ended the 2020FY on a positive note, despite the challenges the coronavirus pandemic posed to the company’s business operations. The company recognized no revenue from freight deliveries and vegetable oil sales throughout the year (vs. 2019FY: NGN4.21bn and NGN1.58bn respectively). Nevertheless, revenue was up 1.09% YoY to NGN28.01bn (vs. 2019FY: NGN27.49bn),
anchored on strong double-digit growth (+34.51% YoY) in revenue from its salt segment to NGN25.34bn – now accounting for 90.46% of total revenues, from 68.53% in the previous year. In contrast, sales from its seasoning segment dipped by 6.55% YoY to NGN2.67bn.

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Earnings Update – NASCON 2020FY


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