Cement Company Of Northern Nigeria Declares N16.89 Billion Revenue In Q1 2019

, Magazine

Cement Company of Northern Nigeria (CCNN) has announced its first quarter 2019 unaudited financial results for the period ended 31st March 2019.

The company grew its revenue from N5.39 to N16.89 billion. Year-on-Year this shows a performance growth of 213.36% for the period ended. The company’s cost of sales surged from N3.1 billion to N9.1 billion.

Business Hour Nigeria reports that CCNN gross profit appreciated from N2.2 billion to N7.6 billion. This shows Year-on-Year gross profit growth of 245.5%. Whilst the company’s other income grew from N116.8 million to N2.1 billion.

The company grew its Profit Before Tax (PBT) from N1.5 billion to N5.3 billion. This shows PBT growth of  253.3% on Year-on-Year performance basis. Cement Company of Northern Nigeria reported Profit After Tax (PAT) of N3.6 for the period ended. The company grew its PAT from N1.1 billion in Q1 2018 to N3.6 billion in Q1 2019. Year-on-Year the company’s PAT was up by 227.3%.

However, the company’s Earnings Per Share (EPS) declined by 58 Kobo per share. The company’s Earnings Per Share declined from 86 Kobo to 28 Kobo. Year-on-Year CCNN EPS was down by 67.4%. 

The selling and distribution expenses soared from N245.87 million to N1 billion. Whilst its administrative expenses increased from N597.65 million to N1.29 billion.