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CCNN bounces back, offers investors 10K div





Proshare NI

April 06, 2008 at 16:00 GMT


Cement Company of Northern Nigeria Plc, (CCNN), makers of Sokoto Cement has bounced back to profitability as it offers investors a 10 Kobo dividend payout in its 2007 Financial Year End (FYE).


The last time the company gave its investors a dividend payout was in the 2005 FYE; when it gave a 10 Kobo dividend and declared none in year 2006 FYE.


Ibrahim Gobir, Chairman of the company affirmed that CCNN offered its shareholders a 10 Kobo dividend in consideration of the performance recorded by the company in 2007.


In the year under review, CCNN sold 324,548 tonnes of cement and recorded a Turnover of N8.042 billion in year 2007 compared to N6.374 billion recorded in year 2006; indicating 26.2 percent increase.


Profit after Tax (PAT) of the company grew from N34.954 million in 2006 to N138.663 million in year 2007 showing a growth of 297 percent.


While Profit before Tax (PBT) also rose significantly from N10.433 million in 2006 to N172.848 million in 2007 indicating a rise of 1,555 percent.


In the same vein, Shareholders Funds also increased from N1.544 billion in year 2006 to N3.148 billion in year 2007 representing an increase of 104 percent.

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