Sokoto Cement records NGN1.2 billion profit for 2016

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Sokoto Cement in its financial report recorded gross profit of NGN3.9 billion for fourth quarter 2016 compared to NGN3.8 trillion recorded in the financial year 2015, which represent 2% rise year on year comparison.

 

The company operating profit remained the same at NGN1.8 billion in 2016 as the same NGN1.8 billion recorded in 2015.

Sokoto cement recorded NGN1.7 billion as profit before taxation for the year in review compared to NGN1.5 billion recorded in the previous year. After all deductions and expenses removed, the company recorded NGN1.2 billion as profit for the year which is also what it recorded in 2015.

Furthermore, the company acquired total assets worth NGN20.0 billion in 2016 compared to NGN17.1 billion recorded in 2015. It recorded total liabilities of NGN8.5 billion for fourth quarter 2016 compared to NGN7.0 trillion recorded in the financial year 2015.

Sokoto cement ended the year with revenue of NGN14.0 billion compared to NGN13.0 billion it ended 2015 with. The cost of sales recorded for the year was NGN10.1 billion compared to NGN9.1 billion recorded in 2015.

 

For more details on the report, click here

 

Company Information

Cement Company of Northern Nigeria Plc (CCNN), was founded by the Premier of the then Northern Region, Alhaji Sir Ahmadu Bello, Sardauna of Sokoto. It was incorporated in 1962 and commenced production in 1967 with an initial installed capacity of 100,000 tons per annum at the Kalambaina plant.

The need to meet the increasing demand for cement necessitated an expansion of the plant with the commissioning of a second line with an installed capacity of 500,000 tons per annum in 1985, by the then Head of State, Major General Muhammadu Buhari. Thereafter, in 1986, the first line was shut down due to its uneconomic mode of operation, thus leaving the plant with a rated output of 500,000 tons per annum.

(PageoneNg)

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