CCNN Reaps Benefits of Merger - THISDAYLIVE

With a surge of 235 per cent in profit in the first quarter ended March 31, 2019, Cement Company of Northern Nigeria Plc merger with Kalambaina Cement Company Limited has started yielding positive fruits, writes Goddy Egene

Volumeincreased by 233 per cent to 411,945 metric tons. Increase in volume sold based on the increased plant capacity from 500,000MT 000metric tonsto 2,000,000mt and improved capacity utilization of the new plant, showing a combined capacity utilisation of 82 per cent. CCNN recorded a surge of 255 per cent in profit before tax to N5.348 billion in 2019, compared with N1.504 billion in 2018, while profit tax followed same growth trajectory, rising by 235 per cent to N3.636 billion, from N1.083 billion in 2018.

Operating profit margin increased to 31.90 per cent in March 2019 from 26.30 per cent in March 2018, 16.40 percent in 2017, and 10.60 percent in 2016. Before now, Rabiu had said the expanded CCNN would remain the market leader in its regional market of North West Nigeria, which is the third largest market for cement in Nigeria by consumption, whilst continuing to explore the huge opportunities that exist in the export markets of Niger, Burkina Faso and the west African region.

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