Cement Company of Northern Nigeria Grows Profit to N4.2bn

Cement Company of Northern Nigeria (CCNN) Plc has announced a dividend payment of N1.571 billion for the year ended December 31, 2017, which translates to 125 kobo per share. The dividend was contained in the audited results of the company released at the Nigerian Stock Exchange (NSE) yesterday.

According to results, CCNN recorded revenue of N19.588 billion, up 39 per cent from N14.088 billion posted in 2016. Cost of sales rose by 18 per cent to N11.983 billion, from N10.151 billion, while gross profit improved by 93 per cent to N7.6 billion, up from N3.936 billion in 2016.

Profit before tax jumped by 141 per cent from N1.741 billion to N4.203 billion, while profit after tax grew faster by 157 per cent from N1.254 billion in 2016 to N3.223 billion in 2017. Based on the performance, the directors recommended a dividend of N1.571 billion or 125 kobo per share for the shareholders.

Meanwhile, the equity market opened the week on a negative note as the NSE All-Share Index declined by 0.04 per cent to close at 41,454.30, while market capitalisation fell to N14.98 trillion.

The depreciation recorded in the share prices of Unilever, Diamond Bank, Lafarge Africa, GTBank, and Seplat were mainly responsible for the marginal loss.

In the same vein, activity level weakened as volume and value traded fell 32.2 per cent and 24.1 per cent to 379.9 million shares and N5.1 billion respectively. Access Bank (77.9 million shares), Zenith Bank Plc (58.4 million shares) and UBA (44.0 million shares) were the top traded stocks by volume while Zenith Bank (N1.8 billion), Access Bank (N885.1 million) and Nestle (N548.3 million) were the top traded stocks by value.

A look at the price movement chart showed that Forte Oil Plc led the losers with 9.0 per cent, trailed by Royal Exchange Plc with 6.0 per cent. Unilever Nigeria Plc shed 4.9 per cent, just as Diamond Bank Plc and FTN Cocoa went down by 4.6 per cent and 4.5 per cent respectively.

African Alliance Insurance Plc lost 4.3 per cent, while Lafarge Africa Plc and Sovereign Trust Insurance Plc shed 4.0 per cent apiece.

On the positive side, Custodian Allied Plc and Glaxosmithkline Consumer Plc led the price gainers with 10 per cent each. Multiverse Mining & Exploration Plc appreciated by 9.5 per cent. Fidson Healthcare Plc chalked up 9.4 per cent, just as Unity Kapital Insurance Plc and Transcorp Plc garnered 9.0 per cent and 6.5 per cent in that order.

Source: ThisDay