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Uche Usim, Abuja
Cement Company of Northern Nigeria (CCNN) on Thursday announced the payment of N5.2 billion to its shareholders for 2018 financial year.
The amount which was approved by the shareholders at the company’s annual general meeting in Abuja translates into a dividend payout of 40 kobo per share.
According to the company’s financial statement, the approved dividend of N5.25 billion represents an increase of N3.68bn or 235 per cent over the N1.57bn which the company paid in the 2017 financial period.
Speaking at the event, the Chairman, CCNN, Abdulsamad Rabiu, described the 2018 financial year as an impressive and rewarding one for the company, attributing it to the conclusion of the merger with Kalambaina Cement.
He said through the merger, the company’s installed capacity has increased to two million metric tons per annum.
This, he noted, gas led to the introduction of new technology, reduction in operational costs and increase in the number of transport fleet.
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Providing details of the financial performance of CCNN, he said the company recorded revenue of N31.72bn in 2018 as against N19.58bn in 2017.
He said profit after tax grew to N5.86bn in 2018 as against N2.91bn in 2017.
He said, “The company recorded its highest domestic exports sale durng 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, adding that this has opened a new window for the export operations and revenue generation in foreign exchange.
Shareholders who spoke at the event commended the company for the payment of dividend.
They said with the conclusion of the merger, the company’s profitability would increase in the future.
