Cement Company of Northern Nigeria Plc (CCNN), has announced the payment of a final dividend of 40 kobo per 50 kobo share.
The payment, which is subject to shareholders’ approval and appropriate withholding tax, will be paid to shareholders whose names appear in the Register of Members as at the close of business Proposed Dividend on Monday, July 1, 2019.
More so, on Friday, July 26, 2019, the dividends will be paid electronically to shareholders
who have completed the e-dividend registration and mandated the Payment Date Registrar to pay their dividends directly into their bank accounts.
A dividend is a payment made by a company to its shareholders, usually as a distribution of profits. When a company earns a profit or surplus, it reinvests a portion of the profit in the business (retained earnings) whilst paying a portion as dividends to the shareholders.
Distribution to shareholders may be in cash (usually a deposit into a bank account) or the issuance of further shares, otherwise known as shares repurchase. But this is usually if the company has a dividend reinvestment plan.
In other words, a dividend is allocated as a fixed amount per share with shareholders receiving a dividend in proportion to their shareholding. For the joint-stock company, paying dividends is not an expense; rather, it is the division of after-tax profits among shareholders.
Company’s financial results
Cement Company of Northern Nigeria Plc, recorded a total revenue of N31.7 billion for the 2018 financial year against N19.5 billion in 2017.
Profit before tax stood at N7.5 billion against 4.2 billion in 2017. Profit for the year stood at N5.7 billion against N3.2 billion in 2017.
What may interest you about CCNN
The Cement Company of Northern Nigeria Plc manufactures and sells cement in Nigeria. The company sells cement under the Sokoto Cement brand name. It primarily markets in Sokoto, Kebbi, Zamfara, Katsina, Kano, and Kaduna states. The company was incorporated in 1962 and is headquartered in Sokoto, Nigeria.
The company’s share price is currently trading at N19.90 on the Nigerian Stock Exchange.