The board of Cement Company of Northern Nigeria Plc, on Thursday presented its first post-merger financials (first quarter ended March 31, 2019), showing triple-digit growth across the major line items, faster than the operating cost sub-heads, even as Earnings Per Share fell 67.82%, arising from the additional shares in issue owing to its business combination with Kalambaina Cement Company last year.
Sales revenue for the period rose by 213.07% from just N5.394bn in the first quarter of 2018 to N16.886bn; out of which cost of sales stood at N9.198bn, up by 193.8% from the N3.13bn reported in 2018. The bulk of this was the N5.005bn energy cost, which climbed from N2.269bn; which was followed by the N1.43bn depreciation (factory), up from N157.368m. Gross profit, therefore, jumped by 239.72% to N7.688bn from N2.263bn.
Other income dropped by 98.16% from N116.845m to N2.153m; selling and distribution costs fell to N1.008bn,
ompared with N245.867m; net finance cost, therefore, came to N43.716m from N31.899m, representing 37.04% growth.
Profit before tax stood at N5.348bn, compared to N1.504bn, representing 255.46% growth within the period; following which net profit notched 235.64% from N1.083bn to N3.636bn, translating to Earnings Per Share of 28 kobo, up from 86 kobo, still in the aftermath of the additional shares from Kalambaina.
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