Nigerian cement company reports 23% profit increase
Published by Katherine Guenioui,
Editor
World Cement,
The Cement Company of Northern Nigeria (Sokoto Cement), part of the BUA Group, reported a 23% increase in profit after tax for the 2014 financial year (FY14), at N1.918 billion.
Speaking at the AGM, the company’s chairman said that sales had been affected by unrest in some markets, but that this had been compensated by a focus on efficiency and strategic investments. CCNN reported lower operational expenses of N2.40 billion in 2014, down from N2.77 billion in 2013.
The company is planning to expand production with a N48 billion project to raise capacity.
Edited from various sources by Katherine Guenioui
Sources:
Read the article online at: https://www.worldcement.com/africa-middle-east/14082015/nigerian-cement-company-reports-profit-increase-324/
You might also like
The World Cement Podcast - What's next for US Cement?
In this episode of the World Cement Podcast, we are joined by Mike Ireland, President and CEO of the ACA or American Cement Association. Listen in as Mike and David dive into a range of topics, including the ACA’s recent rebranding efforts, decarbonisation, policy and legislation, and the impact of AI on cement demand.
Tune in to the World Cement Podcast on your favourite podcast app today.