Going by the financial statement for the 9-month period ended September 30, 2019, released by Cement Company of Northern Nigeria (CCNN), the company recorded an impressive 118.53% increase in profit after tax.
Revenue rose by 117.22% to N42.5 billion in 2019 as against N19.6 billion in the comparative period in 2018.
Profit before tax grew by 103.95% from N5.7 billion in 2018 to N11.7 billion in 2019. Profit after tax also rose by 118.53% to N8.8 billion from N4 billion in 9m 2018.
Cost of sales cost the cement company N24 billion in 2019, compared to N10.9 billion in 2018. This means CCNN’s cost of sales grew by 119.66% and took 56.5% of the revenue for the period.
Administrative cost also grew by 118.8% to N4.2 billion from N1.9 billion in 2018. Selling and distribution cost rose to N2.6 billion from N965.2 million in 2018, representing an increase of 171.5%.
Earnings per share, however, went south by 78.37% from 319 kobo in 2018 to 69 kobo in 2019.
CCNN traded at N16.05 during Friday’s trading session on the floor of the Nigerian Stock Exchange (NSE).