NASCON Revenue hits ₦8.59b in Six Months

NASCON Allied Industries has declared a revenue of N8.59 billion for the half year ended June 30, 2016; against the N6.61 billion 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 N1.98 billion or 30.10 per cent when compared with figure for 2015.

Its profit before tax stood at N116.39 billion against N107.09 billion 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 N3.01 billion from N2.06 billion recorded in the preceding period.

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

The profit for the year appreciated to N1.27 billion from N1.03 billion in the corresponding period, representing a growth of N241.0 million or 23 per cent.

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

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

Its gross profit stood at N4.36 billion against N3.79 billion in 2014, while profit before tax rose to N3.02 billion in contrast with N2.86 billion in 2014.

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