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4-Traders Homepage  >  Equities  >  NIGERIAN STOCK EXCHANGE,THE  >  Cement Company of Northern Nigeria PLC    CCNN   NGCCNN000003

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Cement of Northern Nigeria : Sokoto Cement declares N1.25bn profit

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11/10/2017 | 04:41pm CET

From Uche Usim, Abuja

The management of Cement Company of Northern Nigeria (CCNN), otherwise known as Sokoto Cement on Wednesday declared a profit of N1.2 billion for the 2016 operation year, despite recession.

The chairman of the company, Dr.Abdulsamad Rabiu made the disclosure in Abuja at the company’s 38th Annual General Meeting (AGM), and said the profit grew by four per cent from N1.2bn in 2015.

“Despite the fact that average cement price was impacted negatively by the economic challenges, the company was able to continue on the path of profitability”, he said.

According to him, the success recorded sprang from plugging various loopholes and running a very efficient company. “We did that in order to promote strong value for shareholders of the company. “Performance of the company during the year 2016 was a reflection of the board’s concerted efforts to ensure that CCNN continued to strive with better performance and enhanced shareholder value, despite the massive challenges in the operating environment.

“CCNN is still dominant in its home market in Sokoto, Kebbi and Zamfara due to the quality of its cement and customer loyalty. “This has contributed to the continued survival of the company in the market despite the numerous challenges.”

On why the board did not recommend the payment of any dividend to the shareholders despite its profitable result, Rabiu said this was done to enable management carry out critical investments.

He said, “The board resolved not to recommend the payment of any dividend this year, in view of the challenges being faced by the company on worn out generators, cooler tubes and kiln shell which requires critical investments in replacements and repairs. This is meant to ensure the long terms survival of the company.”

He said the board is optimistic that the long cement industry in Nigeria has an excellent long term outlook owing to the huge infrastructure requirements in the country as well as the neighbouring countries in the West African sub-region.

(c) 2017 The Sun Publishing Limited. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ( NGN)
Sales 2017 18 185 M
EBIT 2017 4 080 M
Net income 2017 -
Debt 2017 -
Yield 2017 1,62%
P/E ratio 2017 -
P/E ratio 2018
Capi. / Sales 2017 0,64x
Capi. / Sales 2018 0,63x
Capitalization 11 649 M
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 4
Average target price 6,97  NGN
Spread / Average Target -25%
Managers
NameTitle
Ibrahim Aminu Chief Executive Officer & Executive Director
Abdulsamad Rabiu Chairman
Haruna Hashim Chief Financial Officer
Ahmed Abubakar Idris Technical Director
Kenneth Chimaobi Madukwe Non-Executive Director
Sector and Competitors