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Monday, December 11, 2023

Investors Sell Shares of Struggling Union Dicon Salt

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It appears investors have not shown interest in the shares of Union Dicon Salt Plc, a company that is technically insolvent, while the external auditors had identified material uncertainty relating to the going concern of the beleaguered enterprise.

The company’s shares have lost 9.50 percent since the start of the year, underperforming the NGXASI index gains of 30.49 percent.

It is not surprising that savvy investors have steered clear of a company who does not generate revenue and has been recording losses more than profit throughout its existence.

For instance, Union Dicon Salt’s net current liabilities were N1.20 billion as at nine months through September 2022, while accumulated losses stood at N1.65 billion.

However, the company posted a profit after tax (PAT) of N144.34 million as at September 2023, from a loss position of N134.95 million, thanks to rental income as the firm recorded zero revenue.

About the company

Union Dicon Salt Plc is a Nigeria-based company, which is engaged in the processing of crude salt. The Company is involved in the sale of packaged water in sachets and plastic bottles. The Company’s subsidiary is Witt & Busch Limited.

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