Nigeria’s CCNN sees profit after tax more than double

The Cement Co of Northern Nigeria (CCNN) reported a revenue of NGN19.588bn (US$54.2m) in 2017, representing a 31.6 per cent rise when compared with revenues of NGN14.088bn of the previous year.

CEO of the BUA Group, CCNN’s parent company, Abdul Samad Rabiu, attributed the rise to improved cement prices and efficient cost management.

Gross profit in 2017 reached NGN7.605bn, nearly double the NGN3.936bn recorded in 2016. Profit after tax increased from NGN1.254bn in 2016 to 3.224bn one year later.