NASCON Allied Industries Plc grew its half-year profit by 25.7 percent to N19.6 billion in the six months ended June 30, 2026, from N15.6 billion in the corresponding period of 2025, as a 126 percent surge in finance income and an improved gross margin cushioned a comparatively slower pace of revenue growth, BusinessDay’s analysis of the salt maker’s unaudited financial statements shows.
Revenue for the first half of the year rose by a modest 3.8 percent to N81.2 billion, from N78.2 billion in H1 2025, a significantly slower pace than the double-digit growth the Dangote Industries-backed firm has posted in recent periods.
However, the second quarter alone told a stronger story, with revenue climbing 15.2 percent to N41.8 billion from N36.3 billion in Q2 2025, suggesting a pickup in sales momentum after a soft opening quarter. The company’s Northern market remained its biggest revenue base, contributing N61.4 billion, or 75.7 percent of total sales, followed by the West (N14.6 billion) and the East (N5.2 billion).
While revenue growth slowed, NASCON’s cost of sales actually declined by one percent to N40.3 billion from N40.8 billion, which helped gross profit expand by 9.2 percent to N40.8 billion from N37.4 billion. This pushed the company’s gross margin up to 50.3 percent in H1 2026, from 47.8 percent in the same period last year, indicating better cost control on raw materials relative to sales even as revenue growth cooled.
Distribution costs were largely flat, up just 1 percent to N11.2 billion, but administrative expenses jumped 21.1 percent to N5.5 billion from N4.5 billion, driven by higher management fees, directors’ remuneration, and staff-related costs. Operating profit still grew 15 percent to N24.5 billion from N21.3 billion, reflecting the net effect of stronger margins against rising overheads
The standout swing factor in the results was finance income, which more than doubled to N5.3 billion from N2.4 billion, as NASCON’s growing cash pile earned higher interest income on short-term placements and treasury instruments, a reflection of Nigeria’s elevated interest rate environment, with the Monetary Policy Rate at 26.5 percent. At the same time, finance costs fell 58.5 percent to N171.6 million from N413.1 million, as the company kept borrowings minimal. The combined effect pushed profit before tax up 27.6 percent to N29.7 billion from N23.3 billion.
NASCON’s total assets grew 44.7 percent year-on-year to N161.6 billion as at June 2026, from N111.6 billion in June 2025. Current assets rose 31.9 percent year-on-year to N126.9 billion, driven largely by a 68 percent surge in trade and other receivables to N65.2 billion from N38.8 billion, with related-party balances, including exposure to Bulk Commodities Limited and Dangote Sugar Refinery, accounting for a significant share. Non-current assets more than doubled to N34.6 billion from N15.4 billion, largely on the back of property, plant, and equipment growing 165 percent to N31.4 billion, as capital work-in-progress on trucks and other assets was reclassified into use during the period.
On the liabilities side, total liabilities climbed 49 percent year-on-year to N87.0 billion from N58.4 billion, with current liabilities up 60.4 percent to N79.0 billion, pressured by a 56.6 percent rise in trade and other payables to N55.2 billion and a 120.5 percent jump in current tax payable to N21.8 billion. Non-current liabilities eased 12.6 percent to N7.9 billion. Total equity rose 40 percent year-on-year to N74.6 billion from N53.2 billion, supported by retained earnings of N72.8 billion, even after the company paid out N16.2 billion in dividends during the period more than triple the N5.4 billion paid in H1 2025.
Net cash generated from operating activities declined 5.6 percent to N16.9 billion, from N17.9 billion, as a sharp increase in trade receivables absorbed working capital that would otherwise have boosted operating cash flow. Net cash from investing activities rose to a positive N4.0 billion from N1.6 billion, aided by strong interest receipts of N5.3 billion. Net cash used in financing activities more than doubled to N16.5 billion from N7.6 billion, almost entirely on account of the larger dividend payout. On balance, total cash and cash equivalents grew by N4.4 billion during the half year, a slower build-up than the N11.9 billion recorded in H1 2025, closing the period at N46.1 billionInvestment income boosts Regency Alliance Q1 profit to N617.5m.
NASCON’s current share price is 200.00 and holds a market cap of N540.49 billion. The stock has returned about 86 percent year-to-date, making it one of the better performers on the NGX this year. NASCON was also added to the benchmark NGX 30 Index in July 2026, replacing Oando Plc, in recognition of its improved liquidity and market capitalisation.