CCNN to pay N1.57b dividend as net profit rises by 157%

Shareholders of Cement Company of Northern Nigeria (CCNN) Plc are to receive cash dividend of N1.57 billion for the 2017 business year, as the cement manufacturers grew its net profit by 157 per cent.

A breakdown of the dividend recommended by the board of directors indicated that shareholders will receive a dividend per share of N1.25 for the 2017 business year.

The cement plant did not pay dividend for the 2016 business year.

According to the  audited report and accounts of CCNN for the year ended December 31, 2017 turnover rose from N14.09 billion in 2016 to N19.59 billion in 2017.

Gross profit nearly doubled from N4.94 billion in 2016 to N7.61 billion in 2017, representing an increase of 94 per cent.

Profit before tax jumped by 141 per cent from N1.74 billion in 2016 to N4.20 billion in 2017.

After taxes, net profit also leapt by 157 per cent to N3.22 billion in 2017 as against N1.25 billion in 2016. Earnings per share thus improved correspondingly from N1 in 2016 to N2.57 in 2017.

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