Business

NASCON revenue hits N8.59bn in six months

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NASCON Allied Industries on Monday declared a revenue of N8.59bn for the half year ended June 30, 2016.

The News Agency of Nigeria (NAN) reports that this was against the N6.61bn posted in the comparative period of 2015.

The report is contained in the company’s audited result released by the Nigerian Stock Exchange (NSE) in Lagos.

The revenue represented a growth of N1.98bn or 30.10 per cent when compared with figure for 2015.

Its profit before tax stood at N116.39bn against N107.09bn achieved in the comparative period of 2013, an increase of nine per cent.

The company result submitted to the exchange showed that gross profit rose to N3.01bn  from N2.06bn recorded in the preceding period.

Profit before tax surged to N1.87bn from N1.52bn  achieved in the previous year.

NAN reports that the profit for the year appreciated to N1.27bn from N1.03bn in the corresponding period, representing a growth of N241.0mn or 23 per cent.

The company’s total non-current assets dropped to N6.74 bn from N7.04bn, while total assets surged to N19.24 bn from N16.24bn recorded in preceding period of 2015.

NAN reports that the company for the financial year ended Dec. 31, 2015 recorded revenue of N16.18bn against N11.25bn  achieved in the corresponding period of 2014.

Its gross profit stood at N4.36bn  against N3.79bn in 2014, while profit before tax rose to N3.0bn in contrast with N2.86bn in 2014.

The company’s profit for the year increased to N2.11bn compared with N1.87bn achieved in the preceding period of 2014.

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Kelechi is a writer at The Herald. His many penchants include Poetry, Coding and Rock music. When he is not writing, Kelechi is probably binging on a TV show.

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