Union Dicon Salt Plc reduces losses by 97%

Union Dicon Salt Plc (UDSP) has released its  financial statement for the year ended 31st December 2015 indicating a 97 percent reduction in the company’s losses.

In 2014, the company reported N87.62 million as loss for the financial year, which reduced by N85 million to N2.6 million and grew its operating income from N61.31million in 2014 to N78.66 million in 2015 following an analysis of the company’s books.

The company also reduced its administrative expenses by 46 percent from N148.6 million in 2014 to N80.9 million in 2015 consequently reducing loss before tax to N2.3 million from N87.3 million recorded in the same period of 2014.

Union Dicon Salt Plc which operates in the Nigerian Consumer Goods, and Agro Industrial Sector, is building the largest industrial starch processing facility in Nigeria, following the Federal Government’s approval to takeover Kogi State’s Staple Crops Processing Zone (SCPZ) to help grow an agri-based industrial sector within the area.

By this approval, it is expected that Union Dicon Salt will act as the core investor for the $100m SCPZ with several other major investors demonstrating interest.

SCPZ is a vast zone where there is commercial production of food that would attract the private sector to set up food processing plant to process food into finished items and other products.

The implementation of SCPZs is estimated to add N660 billion to N1.4 trillion to the economy and estimated to create 250,000 jobs.