Cement News tagged under: CCNN
CCNN records 166% rise in revenue for 1H1929 July 2019, Published under Cement NewsThe Cement Company of Northern Nigeria has reported a 166 per cent YoY increase in sales revenue for the first six months of 2019, rising to NGN32.1bn (US$88.8m) from NGN12.11bn. However, the cost of production also surged 138 per cent to NGN17.8bn. Profit after tax advanced to NGN7.3bn, compared with NGN2.6bn in the 1H18. In the second quarter of 2019, the company saw a revenue of NGN15.3bn while production costs reached NGN8.6bn. |
Post-merger CCNN reports improved 1Q19 results08 May 2019, Published under Cement NewsNigeria’s Cement Co of Northern Nigeria (CCNN) saw its net profit after tax soar by 236 per cent YoY to NGN3.636bn (US$10.1m) in the first quarter of 2019 ended 31 March. The merger with Kalambaina Cement Co Ltd is seen as a key reason for the improved profit figure. In the post-merger three-month period revenue saw a 213 per cent hike to NGN16.886bn from NGN5.394bn in 1Q18. Sales volumes increased by 233 to 411,945t with a capacity utilisation rate of 82 per cent. Strong domestic demand... |
New 3Mta line planned for BUA's Kalambaina Cement07 January 2019, Published under Cement NewsNigeria’s BUA Group has signed another contract with CBMI for the construction of a new 3Mta line at Kalambaina Cement in Sokoto State. The announcement comes soon after a merger between Kalambaina Cement and the Cement Company of Northern Nigeria (CCNN) was given approval last month. Furthermore, the project arrives on the back of the completion of BUA’s 3Mta Obu Cement Line 2 around 90 days ago and the commissioning of its 1.5Mta first line at Kalambaina Cement just seven months ago. A... |
CCNN reports 43% revenue increase for 9M1819 December 2018, Published under Cement NewsNigeria’s CCNN has reported a 43.2 per cent YoY increase in revenue for the nine months ended 30 September 2018, rising to NGN19.57bn (US$53.9m) from NGN13.63bn in the year-ago period. Profit after tax rose 97 per cent to NGN4.01bn from NGN2.04bn. In the 3Q18 revenue advanced 46.3 per cent to NGN7.49bn, compared with NGN5.12bn seen in the 3Q17. Post-tax profit was up 39.7 per cent YoY at NGN1.41bn from NGN1.01bn. |
Kalambaina Cement to merge with CCNN30 November 2018, Published under Cement NewsBUA Group’s Kalambaina Cement Co has announced it received shareholder approval for a merger with the Cement Company of Northern Nigeria (CCNN). Abdul Samad Rabiu, chairman of the company, has stated that the deal would involve a high technical and complex infusion of the two companies. "This deal signposts shareholder confidence in the value proposition of the CCNN-Kalambaina merger and we are certain that the new entity can compete effectively in the cement industry in Nigeria whilst main... |
CCNN appoints new managing director15 August 2018, Published under Cement NewsCement Company of Northern Nigeria has named Yusuf Binji as its new managing director, with effect from 1 September 2018. He succeeds Ibrahim Aminu who joins the larger BUA group as an executive director. Mr Binji is currently managing director of Obu Cement Co, a subsidiary of BUA Cement in Okpella, Edo state, Nigeria – a position he has heard since February 2017. “As managing director at BUA Obu Cement, he was responsible for overseeing extensive growth in production volumes and sales, ... |
CCNN appoints new independent directors01 August 2018, Published under Cement NewsThe Cement Co of Northern Nigeria (CCNN) has announced the appointment of Senator Khairat Abdulrazaq-Gwadabe and Shehu Abubakar as independent directors of the company. Effective from 12 July, the appointment also includes Abbas Ahmad Gandi as a non-executive director. Abdul Samad Rabiu, chairman of the CCNN board of directors, has reportedly stated that the installation of new board members is in line with the company’s commitment to the best corporate governance practices, according to T... |
Nigeria's CCNN and Kalambaina Cement to merge28 June 2018, Published under Cement NewsThe Board of Directors of Nigeria’s Cement Co of Northern Nigeria (CCNN) and owners of the 0.5Mta Sokoto cement plant have announced that it has informed the Nigerian Stock Exchange of its proposed merger with BUA-owned Kalambaina Cement Co Ltd, owned and operators of the 1.5Mta Kalambaina plant in Sokoto state, Nigeria. CCNN's Managing Director, Ibrahim Aminu, said the proposed merger would improve the competitiveness of CCNN in its home market and also enable it utilise the more modern p... |
CCNN earnings recover on strong prices04 May 2017, Published under Cement NewsThe Cement Company of Northern Nigeria (CCNN) reported sizeable growth across all profit lines in the first quarter of 2017. In line with trend observed across other industry players, strong cement prices (up around 70 per cent YoY) weighed on CCNN’s cement volume but still provided greater positive impact on topline as revenue rose 22 per cent YoY to NGN4.4bn (US$13.9m), Vetiva Research said in a note on CCNN's results. Energy supply, particularly LPFO, remained stable over the quarter (a... |
Nigeria: BUA set to complete 1.5Mta Sokoto expansion by 3Q1722 December 2016, Published under Cement NewsBUA Group subsidiary, CCNN, expects the construction of its new 1.5Mta line at the Sokoto plant to be complete before the 3Q17. Founder and Executive Chairman of BUA Group and Chairman of CCNN, Abdulsamad Rabiu, said the US$300m project, which began in 2013, is the first at the plant since 1986. BUA Group took over majority shareholding in 2010. Mr Rabiu also informed the Minister for Solid Minerals Development, Dr Kayode Fayemi, that the group had discovered coal in commercial quantit... |