CCNN Reports 110.92% Net Profit Growth At Q1

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Cement Company of Northern Nigeria (CCNN), on Wednesday presented its first quarter unaudited financials indicating that turnover rose by 23.97%, significantly outpaced by the 110.92% jump in net profit for the period.
Turnover for CCNN which manufactures and distributes the Sokoto Cement brand for the period rose from N4.351bn in 2017Q1 to N5.394bn; while cost of sales was constrained at 15.1% to N3.13bn, from N2.72bn.

Other income jumped to N116.85m, which was 833.19% higher than the N12.52m, boosted by the N95.437m interest income, as against the previous N10.96m; just as sundry income yielded N13.118m, up from N656,800.

Selling and distribution expenses dropped slightly to N245.87m from N260.25m, the bulk of which was the distribution costs which fell from N204.828m to N183.72m; followed by the N54.868m spent on salaries, wages and benefits, compared to N50.082m in the prior first quarter.
Administrative expenses dropped to N597.65m from N565.41m; just as finance costs dropped to N31.9m from N41m, comprising interest n borrowings, which declined from N32.513m in 2017Q1 to N17.393m; just as bank charges climbed to N14.506m from N9.457. This resulted in profit before tax of N1.504bn, up by 119.66% from N684.98m in the corresponding Q1 of 2016.

Profit after tax stood at N1.083bn; up from N513.74m, translating to Earnings Per Share of 86 kobo, up from 41 kobo in the prior Q1.

https://investdata.com.ng/2018/05/ccnn-reports-110-92-net-profit-growth-q1/

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