Nigeria: CCNN full-year profit rises 23.1%

The Cement Company of Northern Nigeria (CCNN), part of BUA Group, has declared a post-tax profit of US$9.64m for the 2014 financial year, increasing by 23.1 per cent YoY.

CCNN chairman, Abdulsamad Rabiu, said that despite lower cement sales recorded in the last quarter of 2014 mainly due to pockets of unrest in CCNN's business markets, the company's focus on efficiency and strategic investments resulted in steady growth during the period.

CCNN's production and operational expenses declined to US$12.1m in 2014 from US$13.9m a year earlier. The company has also announced plans to expand its cement plant to 2Mta with a US$241m investment.