CEMENT Company of Northern Nigeria (CCNN) Plc Shareholders on Thursday approved the payment of N5.25 billion as dividend for the 2018 financial period which translates to a dividend payout of 40 kobo per share.
The amount was approved at the company’s annual general meeting in Abuja. The dividend payout represented an increase of N3.68 billion or 235 per cent over the N1.57 billion which the company paid in the 2017 financial period.
Chairman, Cement Company of Northern Nigeria (CCNN) Plc, Abdulsamad Rabiu, described the 2018 financial period as impressive because of the conclusion of the merger with Kalambaina Cement which has resulted in the companies installed capacity increasing to two million metric tons per annum.
The merger he said “has led to the introduction of new technology, reduction in operational costs and increase in the number of transport fleet.”
Explaining the financial performance of CCNN for the year under review, he said the company realized “ revenue of N31.72billion in 2018 as against N19.58billion in 2017, while the profit after tax grew to N5.86billion in 2018 as against N2.91billion in 2017.”
According to Abdulsamad Rabiu, “the company recorded its highest domestic exports sale during the year. This was facilitated by the additional output from the enlarged entity. In 2019, we hope to have the full combined capacity of the two entities. With the new capacity, CCNN is now the dominant player in its home market of North West Africa.”
Rabiu said “the company is taking advantage of the proximity to the neighbouring West African borders which has opened a new window for the export operations and revenue generation in foreign exchange.”
Shareholders said with the conclusion of the merger, the company’s profitability in the future looks promising.
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