Proshare Logo
   Market Date: 31-10-2014   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Sokoto Cement posts N1.8b profit, declares 10k dividend

Category: Capital Market


  Read (3628)
Sokoto Cement posts N1.8b profit, declares 10k dividend

THURSDAY, 08 JULY 2010 


Sokoto based Cement Company of Northern Nigeria (CCNN), has declared a final gross dividend of 10 kobo per share, bringing the total dividend paid to shareholders to 90 kobo in the 2009 financial year.It also recorded a profit after tax of N1.8 billion, against a net profit of N1.5 billion recorded in the previous year.


Speaking at the 31st yearly general meeting of the company held in Sokoto yesterday, its chairman Alhaji Abdulsamad Rabiu said since the company was acquired by BUA International Limited as a core investor last year, it embarked on cost cutting measures to ensure improved profitability.He maintained that BUA International made a strategic investment in CCNN to improve the quality of cement production, in order to take its rightful place and market position in Nigeria.


According to him, clinker production and cement sales in 2009 were all time high despite the problems encountered with the kiln filter and that the daily clinker production will increase when the new filter is installed during the third quarter of 2010.He stated that the demand for cement was high during the first eight months, while the company experienced a weaker market in the remaining period of the year, saying the development was to a large extent compensated for by export to Republic of Niger .


Rabiu noted that the average price of liquefied petroleum fuel oil (LPFO) used in powering the factory during the year was 56 percent higher than in 2008, thereby adding about 40 per cent to the cost of production.He observed that power is the major problem facing the cement industry, noting that the cost of transporting LPFO from the South to Sokoto State was one of the problems that added to the cost of production by almost 40 per cent this year.


“Our major problem is power and if we can have power in the factory, it will reduce our cost of production. But, unfortunately, we are using LPFO to power our machines in CCNN which we have to transport from the South and this adds about 40 per cent of our cost of production,” he said.The Chairman assured that the management of BUA International will use   Managing Director of CCNN, Mr Alf Karlsen said cement consumption in Nigeria has increased by 10 percent to 14.8 million tonnes in 2009, while the demand is expected to continue to grow, hence the need for the company to continue improving its production processes to make them more cost efficient.


He stated that the company has procured a state of the art filter which will curb dust emission during production well below Nigerian and European emissions limit at the cost of N450 million.The CCNN boss pointed out that the number of shareholders of the company has increased from 18,000 at the end of 2008 to 36,000 in 2009 which is a reflection of the management and staff’s efforts to improve the company’s performance.Karlsen expressed gratitude to the state government and the host communities for their understanding during the unfortunate incidence, especially when the kiln filter was totally damaged.


http://www.proshareng.com/investors/company.php?ref=CCNN


(Source:Guardian)



Tags: , 



Comment With Your Facebook or Yahoo! ID


Latest news


News on Capital Market

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Newsletter
Contact Us
Volunteer Program
Message from CEO
Resources

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
WebTV
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

#1minNews
News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Newsletters
Discussion Forum
Policy

Subscriber Agreement
Privacy Policy
Data Policy
Disclaimer
Copyright Policy
Trademarks
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Training
Legal Support Services
Web/Technology Services
File a Complaint