The Cement Company of Northern Nigeria(CCNN)has released its 2017 audited financial report, for the year ended December 31, 2017 ,showing significant growths in sales and profitability.

Turnover rose by 39 per cent from N14.09 billion in 2016 to N19.59 billion in 2017. Gross profit nearly doubled from N4.94 billion in 2016 to N7.61 billion in 2017, representing an increase of 94 per cent.


Profit before tax jumped by 141 per cent from N1.74 billion in 2016 to N4.20 billion in 2017. After taxes, net profit also leapt by 157 per cent to N3.22 billion in 2017 as against N1.25 billion in 2016. Earnings per share thus improved correspondingly from N1 in 2016 to N2.57 in 2017.

The balance sheet of the company also improved as total assets grew by 23 per cent from N20.03 billion in 2016 to N24.65 billion in 2017. Shareholders’ fund also increased from N11.49 billion to N14.41 billion, representing an increase of 25 per cent.

The underlying fundamentals of the company also improved considerably during the year, showing that the positive overall performance was driven by improvement in the operations of the company. Gross profit margin improved from 28 per cent in 2016 to 39 per cent in 2017. Net profit margin also doubled from 9.0 per cent to 16 per cent. Return on capital employed jumped from 11 per cent in 2016 to 22 per cent in 2017.

https://www.financialdigest.com.ng/blog/2018/04/04/ccnn-grows-profit-by-141-to-n4-2billion/