The Cement Company of Northern Nigeria (CCNN), also known as Sokoto Cement has declared a dividend of N0.40k per share for the year ended 2018.
The company’s profit after tax also increased from N2.9 billion recorded in 2017 to N5.8 billion in the period under review.
The News Agency of Nigeria (NAN) reports that a gross dividend was recommended by the CCNN Chairman, Alhaji Abdulsamad Rabiu and ratified by shareholders during the Company’s Annual General Meeting (AGM) in Abuja on Thursday.
He said during the year 2018, the company recorded revenue of N31.7 billion when compared to N19.5 billion realised in 2017.
The chairman said CCNN complied with all relevant codes for best practices throughout the year ended in 2018.
“On behalf of the board, I am pleased to announce to our esteemed shareholders that the merger you approved between CCNN and Kalambaina Cement has been sealed.
“And the new shares listed on the floor of the Nigerian Stock Exchange (NSE) on Dec. 31, 2018.
“I wish to assure you that the board and management of the company will continue to increase the fortunes of the company and add more value to your investments,’’ he said.
Rabiu said the merger had brought the total installed capacity of the company to two million metric tons per annum.
He added that the company had also brought in new technology, reduced operational costs and an enlarged transport fleet.
According to him, the company has recorded its highest domestic and export sales during the year.
This he noted was facilitated by additional output from the enlarged entity.
“In 2019, we hope to have the full combined capacity of the two entities. With the new capacity, CCNN is now the dominant player in its home market of North-West Nigeria,’’ he said.
Rabiu thanked the shareholders for their support and perseverance over the years, which he noted had strengthened CCNN into a robust and competitive company.
NAN also reports that the appointment of Yusuf Binji as the new managing director of the company by the board was ratified by shareholders during the AGM.
Meanwhile, Mr Patrick Ajudua one of the shareholders told NAN he was excited at the outcome of the AGM.
Ajudua said going by the financial report presented at the AGM, there was hope for the company.