Nigeria: 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, some 23.1% higher than in the 2013 financial year.
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. From a high of US$13.9m in 2013, CCNN's production and operational expenses significantly declined to US$12.1m in 2014. CCNN also announced plans to expand its cement plant to 2Mt/yr of cement capacity with a US$241m investment.