Nascon Allied Industries Plc, a prominent salt-processing company and a subsidiary of the Dangote Group, led by Nigerian billionaire industrialist Aliko Dangote, has recorded a remarkable financial performance in the first six months of its 2023 fiscal year.

According to the recently published financial statement, the company’s profit skyrocketed by an astounding 279 percent, soaring from N1.53 billion ($1.97 million) in the first half of 2022 to N5.82 billion ($7.51 million) at the end of the first six months of the current reporting period.

The significant surge in profits came amid a challenging operating environment, but Nascon managed to push its profit above $7.5 million, driven by an impressive 51.9-percent increase in revenue.

The company’s revenue surged to N38.16 billion ($49.2 million) from N25.12 billion ($32.38 million) in the previous year, primarily attributed to higher demand for salt and seasoning cubes during the period under review.

Nascon’s effective cost-management strategies played a crucial role in maintaining operating expenses within the fixed threshold, contributing to the impressive financial results during the first half of 2023. However, distribution costs and administrative expenses increased 65 and 39 percent, respectively, amounting to N8.24 billion ($10.62 million) and N2.01 billion ($2.59 million).

As a subsidiary of the Dangote Group, a pan-African manufacturing conglomerate founded by Africa’s richest man Aliko Dangote, Nascon focuses on processing raw salt into refined, edible, and graded salt, as well as producing seasoning products and vegetable oil.

The company’s retained earnings experienced significant growth, expanding from N13.35 billion ($17.21 million) to N20.45 billion ($26.36 million), while its total assets surged from N49.34 billion ($63.6 million) to N68.48 billion ($88.29 million) during the period under review.

Following the release of the impressive financial results, investor enthusiasm was evident on the Nigerian Exchange. Nascon’s shares surged by 7.78 percent, closing the week strong at a price of N36 ($0.0464) per share, resulting in a market capitalization of N95.4 billion ($123 million) for the salt-processing company.