The Cement Company of Northern Nigeria has achieved an improved turnover of N15.787 billion for the 2013 financial year, up from 15.125 billion in 2012. Profit after tax was also up, at N1.423 billion from N1.196 billion in the previous year. At a shareholders meeting, CCNN Chairman Mr Abdullsamad Rabiu reportedly said that clinker production was hampered by a lack of electric power, leading the company to decide to invest in the expansion of the company’s power plant to supplement the supply from the national grid.
The lack of energy infrastructure is a problem that was also reflected in Dangote Cement’s interim results, while Ashaka Cement attributed its improved results to the use of coal as an alternative energy source.
The company is reported to be looking at opportunities to expand in the Middle East and South America; meanwhile, in Nigeria, Dangote Cement looks to coal as an alternative to gas or oil.
Two organisations have accused the Standards Organisation of Nigeria of trying to create a monopoly by implementing standards few cement producers can currently meet.
The Nigerian cement company, which is part of the Lafarge Group, posted an increase of more than 200% in profit after tax for the first half of this year.