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
Read the article online at: https://www.worldcement.com/africa-middle-east/14082015/nigerian-cement-company-reports-profit-increase-324/