The Cement Company of Northern Nigeria (CCNN) has recorded a profit after tax of N3,223,853,347 for December ending 2017, as compared to N1,253,805,355 at the end of the financial year 2016.
It also recorded a revenue of N19,588,260,886 and declared a gross dividend of N1.25 kobo per share.
CCNN’s Chairman, Alhaji Abdulsamad Rabiu, made this known at the annual general meeting (AGM) of the company held at the Dankani Guest House, Sokoto
on Thursday.
He said the profit margin recorded was as a result of improved cement prices and efficient cost management by the company.
Rabiu emphasised that the higher revenues and profit was the best witnessed so far in the company’s long history, despite the challenges in the country.
“The company performed well considering its capacity and the numerous challenges it faces, of which shortage of energy is the primary and biggest challenge.
“LPFO, which is the main energy used by the company, has to be supplied from sources other than the Kaduna Refinery which is the closest to CCNN’s plant, and had not been supplying LPFO for quite a long time.
“So, this is indeed an excellent achievement, which we hope to sustain in the company going forward. We hope to continue to enjoy our customer’s loyalty, which we have earned overtime because of the quality of our cement,” he stated.
He noted that despite the fact that cement demand came down by almost 20 per cent in 2017, the Board of the company always strived to sustain good performance and had increased the share value.
According to him, the company is still dominant in its home market and has penetrated into some key strategic markets neighbouring its location.
He maintained that the company complied with all the relevant codes for best practices throughout the financial year.
The chairman, to this end, urged the shareholders to embrace the e-dividend mandate and ensure that they fill the form and submit to the registrars, adding that this would ensure they get immediate value once dividend is paid.
He expressed gratitude to the shareholders for their support and perseverance over the years aimed at building CCNN into a robust and competitive company.
“The Board of CCNN wish to thank our shareholders for their perseverance over the years. This has seen them going home with no dividend sometimes,” he added.
Commenting on the company’s performance, Mrs. Titi Bakare of Pragmatic Shareholders Association commended the board for delivering a good profit margin for the 2017 financial year.
She urged the board to look at the issue of bonus share for the benefit of the shareholders of the company.
