By Dipo Olowookere
Over the weekend, the board of Cement Company of Northern Nigeria (CCNN) Plc released the 2018 earnings report of the cement maker.
However, the performance during the year was not too impressive, though the revenue generated improved by 61.94 percent to N31.7 billion from N19.6 billion.
The gross profit also appreciated by 83.40 percent to N14.2 billion from N7.8 billion, while the finance income rose to N137.6 million from N108.2 million a year earlier.
However, cost of sales skyrocketed to N17.5 billion from N11.8 billion, while the administrative expenses shot up to N5 billion from N2.5 billion, representing a 100 percent hike.
Business Post observed that the total assets of the company significantly increased in the year by 1,310.81 percent to N347.8 billion from N24.7 billion as a result of the merger with a cement firm owned by BUA Group.
This left the shareholders’ fund rising by 2,213.93 percent to N333.5 billion from N14.4 billion, though the total liabilities increased to N14.3 billion from N10.2 billion.
In the year review, CCNN declared a profit before tax of N7.6 billion against N4.2 billion of the previous year, while it posted a profit after tax of N5.7 billion versus N3.2 billion a year earlier.
Furthermore, the cement manufacturer closed the year with a decline in its earnings per share to 44 Kobo from N2.57k.
Meanwhile, the board has proposed the payment of N5.3 billion as dividend for the 2018 financial year, higher than the N1.6 billion paid in 2017.
Adedapo Adesanya 
Modupe Gbadeyanka