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The Cement Company of Northern Nigeria(CCNN) also called Sokoto Cement has declared the sum of N1.2 billion profit after tax. It also declared the gross dividend of 10 kobo per share to its shareholders for the year 2015.
Declaring this at the company’s annual general meeting held in Abuja, yesterday, the company’s managing director, Alhaji Ibrahim Aminu, said: “Despite the challenges that we face, we declared the dividend of 10k per share and profit after tax is N1.2bn. This is not bad. We have not posted any loss.”
He added that the company spent an average of N6bn yearly on energy.
The chairman of the company, Alhaji Abdulsamad Rabiu, attributed the increase in the price of cement to the high cost of energy and doing business in the country.
Rabiu said: “Energy is the challenge, but going forward, with the mining of coal that we hope to start, it will ease the pressure on us. There are challenges but we will forge ahead.”
A shareholder of the company, Mr Nona Awoh, said there was need for the company to expand.
“It’s not dividend that is important,” he said. “If you get it this year and you don’t, next year, that’s not good enough, so there is need for expansion.”
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