Displaying items by tag: Cement Company of Northern Nigeria
CCNN revenue and income down in first quarter
04 May 2016Nigeria: The Cement Company Of Northern Nigeria (CCNN) has reported a net revenue of US$17.9m for the first quarter of 2016, compared to US$22.2m in the same period a year earlier. This represents a 19% decrease year-on-year. CCNN’s profit before income tax dropped more dramatically, falling by 61% to US$1.79m from US$4.67m.
CCNN reports US$9.64m profit in 2014
17 August 2015Nigeria: 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.
Nigeria: According to Business Day, Cement Company of Northern Nigeria (CCCN), plans to inject US$241m into the ongoing modernisation of its facilities to double its production capacity.
Managing director Alf Karlsen said that the project would raise the company's cement production capacity by 200% to 1.5Mt/yr. "The expansion is part of the ongoing modernisation and cost optimisation programme. It aims to reduce costs and enhance production capacity with a view to ensuring that CCNN remains competitive in the cement industry. The increase in installed capacity would enable the company to maintain its current market share and expand into new markets," said Karlsen. Karlsen also disclosed that CCCN has completed the acquisition of new mining areas to expand its quarry activities.
CCCN's expansion project has led to the relocation of the Sabon-Gida, Danatu and Gidan Mubaga villages, 'to a fully developed new settlement provided by the firm.' "CNN provided the land for resettlement, constructed access roads, provided electricity, mechanised borehole with reticulation, as well as a community mosque, clinic, primary and Islamiyya schools, among others. All this was done to ensure that there is an improved life for the communities as part of our corporate social responsibilities," said Karlsen.
Nigeria: According to All Africa, Cement Company of Northern Nigeria (CCNN) in Sokoto will invest US$600m to expand its power plant from 12MW to 16MW.
The Bureau of Public Enterprise (BPE) Media head Alex Okoh said that CCNN principal manager of corporate affairs Alhaji Suleiman disclosed this while addressing BPE's post-privatisation monitoring team during a recent visit to the plant. Suleiman said that the expanded plant will be built in partnership with China's CBMI. "CCNN's plant does not generate sufficient power when the plant is run at full capacity utilisation," said Suleiman.