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NASCON Q1, 2012: Earnings N 3.3 billion (+52%), PAT (+72.3%)

By on June 13, 2012

A Dangote salt production subsidiary, Nascon, released its Q1, 2012 unaudited financial statements to the Nigerian Stock Exchange today.

Revenue came in at N 3.34 billion an increase of 51.7 % over the N 2.21 billion it made over the Q1, 2011 period.

Profit before tax accelerated 72% to N 1 billion from N 582 million recorded in Q1, 2011.

The strong growth in profit was due tomanagement  keeping production, marketing, and administration costs relatively unchanged even as Revenues soared.

Net income was in at N 682 million, up from N 396 million in Q1, 2011.

The company has a healthy cash balance of N 4.01 billion, up 16% from N 3.5 billion at Q1, 2011.

Fixed Assets grew 9% to N 3.6 billion and debtors owed N 2.3 billion in performing credit.