Cement Company of Northern Nigeria (CCNN) has released its half year report for period ended June 30, 2019 and the company recorded a whopping N7.3 billion profit after tax. This was higher than the N2.6 bn PAT recorded in H1-2018, representing 180.8% improvement.

In same vein, profit before tax was N9.7 bn, nearly trippling the N3.7 bn PBT H1-2018. Revenue in the period under review improved by 166.12% to N32.2 bn from N12.1 bn recorded in H1-2018. Meanwhile, cost of sales ballooned to N17.8 bn, vs N6.6 bn in HY 2018. However, this did not stop the company from having a wider gross profit at N14.4 bn, vs N5.5 bn H1-2018.

Other income brought in N84.3 mn in HY 2019 vs N17.9 mn in H1-2018. But selling and distribution costs increased by over 50% to N1.99 bn from N557 mn registered in HY 2018. It was same for its administrative expenses which went up to N2.7 bn in period under review vs N1.2 bn H1-2018, with net finance costs rising to N45.7 mn in H1-2019 from N31.0 mn in H1-2018.

SOURCE (abridged): https://businesspost.ng/2019/07/31/ccnn-raises-post-tax-profit-by-180-8-in-six-months/amp/