GBOLABO AFUWAPE
After the long wait, Cement Company of Northern Nigeria (CCNN) on Monday published its 2018 third quarter financial report, Monday.
Figures in the unaudited financial report showed that the African cement giant grew above 100 percent as it recorded a 101.42 percent Profit after Tax growth. PAT in the first nine months of 2018 grew from N2.036 billion recorded in the first nine months of 2017 to N4.101 billion recorded in same period in 2018. Similarly, its profit before tax (PBT) grew by over 100 percent, growing by 100.48 percent to amount to N5.729 billion from N2.858 billion recorded in the first nine months of 2017.
Its Earnings per share (EPS) grew by 96.91 percent from N1.62 recorded in the first nine months of 2017 to N3.19 in the same period in 2018.
The company’s topline grew by 43.61 percent from 13.628 billion recorded in the first nine months of 2017 to N19.572 billion recorded in the same period in 2018. Although its cost of sales grew by 30.23 percent from N8.402 billion recorded in the first nine months of 2017 to 10.942 billion recorded in the first nine months of 2018, its Gross profit grew by 65.14 percent from N5.226 billion recorded in the first nine months of 2017 to N8.630 billion recorded in the same period in 2018.
Within the nine months period, it improved its administrative expenses by 16.75 percent from N1.648 billion recorded in the first nine months of 2017 to N1.924 billion recorded in the same period in 2018.
Its Finance costs declined by 74.42 percent from N113 million recorded in the first nine months of 2017 to N29 million recorded in the same
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