Cement Company of Northern Nigeria’s revenue soared by 213% in Q1 2019

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Cement Company of Northern Nigeria’s revenue soared by 213% BRAND SPUR NIGERIA

Following the successful ratification of its merger process with Kalambina Cement, which boosted its production capacity from 500,000MT/annum to 2million MT/annum last December, the Cement Company of Northern Nigeria Plc (CCNN) on Thursday, 25th April 2019 released its first quarter financial result for the period ended March 31, 2019.

From its operations in the reviewed period, the group’s Revenue and Profit After Tax (PAT) grew by 213.07% and 235.65% to ₦16.89 billion and ₦3.64 billion in Q1’19 respectively, relative to the corresponding period of 2018.

Furthermore, the merger exercises resulted in a 945.89% increase in its ordinary shares to 13.14 billion from 1.26 billion in the pre-merger period.

Nonetheless, the group’s Earnings Per Share (EPS) fell by 67.44% to 28kobo in Q1’19 compared to the prior year, due to a disproportionate increase in PAT (235.65%) and units of ordinary shares (945.89%)