NASCON reported its 2023 second-quarter results showing pre-tax profits grew by 261% year on year, reaching N6.16 billion.
This took half-year pre-tax profits to N8.625 billion versus N2.275 billion in the same period last year.
Key highlights Q2 2023 vs Q2 2022
- Revenue N21.26 billion +48% YoY
- Cost of sales N9.25 billion +5.1% YoY
- Gross Profit N12 billion +116% YoY
- Administrative expenses N1.028 billion +39.76% YoY
- Selling and Distribution expenses N4.778 billion +55.72% YoY
- Operating income N6.224 billion+251% YoY
- Finance Income N168 million +116% YoY
- Finance cost N222 million +56.33% YoY
- Profit for the year N4.152 billion +212% YoY
- Cash and short-term deposits N16.38 billion +59%.
- Total Assets up 38.69% to N68.48 billion
Insights
NASCON’s growth in operating profit was primarily driven by substantial growth in revenue and moderate cost of sales.
- More specifically, the growth in sales from its Northern region which rose from N9.8 billion to N15.2 billion during the quarter.
- A distinguishing feature of NASCON’s performance compared to most consumer goods sector companies was its ability to report an insignificant foreign exchange loss of (N69,000). Unlike most consumer goods sector companies, NASCON recorded an insignificant foreign exchange loss of (N69,000)
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