CCNN 2015 Profit shaves 37.5%, Proposes 10 Kobo per share dividend

By Chioma Obinagwam

Cement producer, Cement Company of Northern Nigeria (CCNN) on Tuesday said its pretax profit for the period ended December 31, 2015 dropped 37.5 percent to N1.55 billion from N2.48 billion posted a year earlier.

In the same vein, profit after tax (PAT) declined 37.4 percent to N1.20 billion from N1.92 billion declared the same period of 2014.

Also, revenue of CCNN climbed down to N13.04 billion in 2015 audited period from N15. 12 billion reported in 2014 end; representing a depreciation of 13.8 percent in the review period, the cement manufacturer said in a filing with the Nigerian Stock Exchange (NSE).

The company proposed a dividend of 10 kobo per share to its investors in the 2015 audited year end lower than the 35 kobo per share paid to investors in the corresponding year of 2014; indicating a drop of 71.42 per cent in dividend payout to shareholders of CCNN.