Nascon Allied Industries Plc recorded a pre-tax profit of N36.6 billion for the nine months ended September 2025, according to its recently released unaudited financial statements.
This marks a 168.8% year-on-year increase from N13.6 billion recorded in the same period of 2024.
For the third quarter alone, pre-tax profit rose by 108.9% to N13.4 billion, reflecting sustained business momentum.
A closer look at the results shows that robust revenue growth and a strong rise in finance income were key drivers of the performance.
Key highlights (9M 2025 vs 9M 2024):
Revenue: N117.3 billion, +46.88% YoY
Cost of sales: N60.1 billion, +34.76% YoY
Gross profit: N57.1 billion, +62.24% YoY
Other income: N202.2 million, +53.00% YoY
Operating profit: N33.2 billion, +143.66% YoY
Finance income: N3.9 billion, +325.3% YoY
Profit before tax: N36.7 billion, +168.81% YoY
Driving the Numbers
Nason reported revenue of N117.3 billion for the nine months ended September 30, 2025, representing a 46.9% increase from N79.8 billion recorded in the corresponding period of 2024.
- The strong topline growth was driven by higher sales volumes of salt and seasoning products, particularly in the northern region, which generated N29.6 billion, up 40.6% year-on-year.
- Western and eastern regions also contributed significantly, recording revenues of N7.2 billion and N2.2 billion, respectively.
In line with the revenue growth, cost of sales rose by 34.8% to N60.16 billion, driven largely by raw material costs, which accounted for N17 billion of the total.
- Despite the increase in costs, gross profit surged to N57.18 billion, up 62.2% from N35.24 billion in the prior year.
Other income grew by 53% to N202.2 million, while operating profit climbed sharply to N33.24 billion, compared to N13.64 billion in 9M 2024.
Finance income increased to N3.97 billion from N935.89 million, while finance costs dropped 41.98% to N541.79 million, contributing to a stronger bottom line.
As a result, profit before tax rose by 168.8% to N36.68 billion, up from N13.64 billion in the same period of 2024.
After accounting for a tax expense of N12.35 billion, profit after tax stood at N24.33 billion, a 171.6% year-on-year increase from N8.96 billion.
Balance sheet snapshot
The company’s balance sheet showed a modest expansion, with total assets rising to N112.4 billion as of September 30, 2025, compared to N111.3 billion in 2024.
- Cash and cash equivalents, valued at N42.4 billion, represented the largest portion of total assets, followed by trade and other receivables of N39.2 billion and inventories of N14.3 billion, while other assets made up the remainder.
Total liabilities decreased to N50.4 billion from N74.9 billion in the prior year, driven mainly by higher trade payables, borrowings, and other financial obligations.
Meanwhile, total equity strengthened to N61.9 billion, up from N36.4 billion in 2024, supported mainly by a strong retained earnings of N60.1 billion.
