CCNN Cement records N7.605b profit in 2017 – The Cement Company of Northern Nigeria (CCNN) has recorded gross profit of N7, 605, 209, 592 in the 2017 financial year despite numerous challenges.
Executive Chairman/CEO of BUA Group, Abdul Samad Rabiu who spoke yesterday in Sokoto at the company’s 39th annual general meeting (AGM) identified shortage of energy as the primary challenge.
Rabiu said the company had revenue of N19, 588,260,886 during the year under review as against N14, 087,553,499 recorded in 2016 though cement demand dipped to almost 20 per cent compared to 2016.
The CEO who described the revenue increase as the highest in the company’s history, said improved cement prices and efficient cost management were factors that led to the achievement. He assured stakeholders of sustenance in the figure and dominance in the home market and also penetration into some key strategic markets.
He said: “Low Pour Fuel Oil (LPFO) which is the main energy used by the Company has to be supplied from sources other than the Kaduna Refinery which is the closest to CCNN’s plant and had not been supplying LPFO for quite a long time now.
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