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CCNN records 118.53% increase in profit for Q3 2019; posts N42.5bn revenue

CCNN records 118.53% increase in profit for Q3 2019; posts N42.5bn revenue

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.

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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).

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