CCNN Grows Profit to N4.2bn, Recommends N1.6bn Dividend

Cement Company of Northern Nigeria (CCNN) Plc has announced a dividend payment of N1.571 billion for the year ended December 31, 2017, which translates to 125 kobo per share. The dividend was contained in the audited results of the company released at the Nigerian Stock Exchange (NSE) yesterday.

According to results, CCNN recorded revenue of N19.588 billion, up 39 per cent from N14.088 billion posted in 2016. Cost of sales rose by 18 per cent to N11.983 billion, from N10.151 billion, while gross profit improved by 93 per cent to N7.6 billion, up from N3.936 billion in 2016.

Profit before tax jumped by 141 per cent from N1.741 billion to N4.203 billion, while profit after tax grew faster by 157 per cent from N1.254 billion in 2016 to N3.223 billion in 2017. Based on the performance, the directors recommended a dividend of N1.571 billion or 125 kobo per share for the shareholders.

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