Ashaka Cement reported a 4.4% increase in its 2014 H1 results posting N12.3billion in revenues compared to N11.8billion posted in 2013 H1. Pre-tax profits however rose 166% to N4.4billion compared to N1.6billion posted a year earlier. The huge increase in result was due to the 24% drop in cost of sales to N7.1billion recorded this period.
Ashaka Cement has experienced stunted growth throughout 2013 as cost of sales rose and looked difficult to contain. However, fortuned turned this year when in the first quarter cost of sales dropped 13.5% to push pre-tax profits by 74% to N2.8billion. It will be interesting to see if this can be sustained.
See the results below