Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

CCNN beats prediction, records net profit of NGN5.7bn in FY 2018

NM Partners by NM Partners
April 13, 2019
in Business News, Company News, Company Results, Content Partners
CCNN Plc
Share on FacebookShare on TwitterShare on Linkedin

Cement Company of Northern Nigeria (CCNN), producers of Sokoto Cement, has reported a net profit of N5.7bn (US$15.75m).

Note that this is 77 percent higher than what was reported in 2017. It is also higher than the predictions made by analysts and other stakeholders.

This is the first earnings since its merger with Kalambaina Cement Company.

RelatedPosts

CCNN utilising inorganic growth against Dangote Cement with Obu cement merger approval  

2019 Q1: CCNN reports revenue growth of 213% after merger

While the merger was completed in Q4 2018, management elected to report the performance of the merged entities as if the merger took place at the start of the year. Thus, whilst net profit soared y/y, EPS shrunk 83% to ₦0.44, given that shares outstanding jumped over nine times to 13.1 billion units.

Management proposed a dividend pay out of 92%, representing ₦0.40/share.

News continues after this ad


Revenue for the enlarged entity reached N31.7bn; up 62 percent higher YoY and EBITDA rose by 86 per cent to N7.9bn.

The impressive topline figure came as a result of increased domestic sales and exports. Overall, CCNN produced 0.76 million MT of cement and sold over 0.74 million MT up 59% y/y.

Interestingly, whilst the sale of cement in Nigeria rose by 49% y/y to ₦28.9 billion, export figures jumped from ₦0.2 billion in 2017 to ₦2.9 billion in 2018. The company’s management plans to extend product distribution to the northeast and central regions of Nigeria, as it does not expect the northwest of the country to absorb the company’s current, larger 2Mmta capacity.

News continues after this ad


Furthermore, even after accounting for a rise in depreciation provisions (from the new plant) as well as technical fees and costs related to the merger, EBIT still rose 86% y/y to ₦7.9 billion meanwhile, contrary to expectations, Net finance costs rose 1% y/y to ₦283 million, dragged by lower than expected interest income. Thus, PBT rose 81% y/y to ₦7.6 billion.

There are however predictions that CCNN will record significant upside to its Net income in 2019 and beyond upon approval of Pioneer status by the NIPC and a moderate chance of CCNN receiving approval on the new line.

Cement Company of Northern Nigeria PLC (CCNN) produces and markets cement for various construction purposes in Nigeria. Following a strategic re-orientation, Heidelberg Cement Group (formerly a core investor) divested its CCNN shares in 2008 to Damnaz Cement Company Limited (a Nigerian company). In 2010, BUA International Limited acquired Damnaz Cement Company Limited and became indirectly the majority shareholder in CCNN and its technical partner. CCNN currently operates as a subsidiary of BUA International Limited.

Editor’ Note: This is a sponsored content.

Related

Tags: Cement Company of Northern NigeriaSokoto Cement

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • US ban: Crypto API platforms, Infura and Alchemy block access to Tornado Cash
    • How to check 2022 WAEC result using SMS, online portal or serial number
    • Mark Zuckerberg says WhatsApp users can now exit groups unnoticed with new privacy features

    Follow us on social media:

    Recent News

    Crypto-mixing service, Tornado Cash, blacklisted in the United States 

    US ban: Crypto API platforms, Infura and Alchemy block access to Tornado Cash

    August 9, 2022
    WASSCE 2020 records 65.24% credit pass in 5 subjects, including Mathematics and English

    How to check 2022 WAEC result using SMS, online portal or serial number

    August 9, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com