CCNN grows profit by 118.5% in latest report
The Cement Company of Northern Nigeria Plc (CCNN) has released its unaudited financial statements for the nine months ended September 30th, 2019. CCNN recorded revenue of N42.5 billion for the nine months period under consideration. This indicates that there was a 117.2% increase compared to N19.6 billion worth of revenues the company earned during the comparable period last year.
CCNN’s operating costs during the period was N24 billion. Compared to N10.9 billion last year, we can see that there was a 119.7% increase.
In the same vein, marketing and distribution expenses also rose during the nine months period under consideration. Specifically, distribution costs stood at N 2.6 billion compared to N965.2 billion during the comparable period last year. More so, administrative expenses also rose to N4.2 billion compared to N1.9 billion last September.
Profit before tax: Despite the increased expenses, CCNN still reported a profit after tax of N11.6 billion. This represents a 104% increase when compared to N5.7 billion PBT reported during the comparable period last year.
Profit after tax: This was equally impressive standing at N8.7 billion and marking 118.5% increase compared to N4 billion in September 2018. The company was able to record this impressive growth (despite increased expenses) because there was a significant revenue growth during the period under revenue.
Meanwhile, earnings per share attributable to shareholders is N0.67 compared to N3.19 as at September 2018. The company’s share price closed yesterday’s trading on the Nigerian Stock Exchange at N15 after losing N1 during the trading session.
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