Cement Company of Northern Nigeria Plc releases results.
May 7th, 2008 Ikechukwu Emelike || ikechukwu@stockmarketnigeria.com
By Ikechukwu Emelike.
Makers of Sokoto cement, Cement Company of Northern Nigeria Plc has released its result for the 2007 financial year to the floors Of the Nigerian Stock Exchange. The company which was established in 1962 and whose business is the production of Cement and Concrete Products has declared a dividend payout of 10 kobo to its investors, this would be seen as a return to profitablity on the company’s side as the last time it gave a dividend payout was in it’s 2005 financial year when it issued 10 kobo.
A comparative breakdown of the results shows that during the period under review the company’s turnover experienced a growth of 26.2 percent from N6.37 billion in 2006 to N8.04 billion in 2008. Profit after tax increased by 297 percent from N34.95 million in 2006 to N138.66 million in 2007. Profit before tax recorded significant growth as it grew from N10.43 million in 2006 to N172.84 million in 2007 indicating a growth 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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