Shareholders of the Cement Company of Northern Nigeria (CCNN) have adopted the company’s revenue of N19.59 billion with a profit after tax of N3.22 billion. This is even as it declared a dividend of N1.25k.
Also, shareholders retained Abdulsamad Rabiu as chairman of the company’s Board of Directors.
This followed an election conducted at the 39th Annual General Meeting (AGM) yesterday in Sokoto.
Chimaobi Madukwe was also retained as director, while Khairat Gwadabe, Shehu Abubakar and Abba Gwandu were newly elected into the board of directors of the company.
Shareholders of the company commended the chairman for his leadership that led to the commissioning of a new plant and expansion of the company’s sales outlets to neighbouring countries.
In his address, Mr Rabiu disclosed that the company performed well considering its capacity and the numerous challenges it faced, including shortage of energy.
He said Low pour fuel oil (LPFO), which was the main energy used by the company had to be supplied from sources other than the Kaduna Refinery.
He said the refinery, which was the closest to CCNN’s plant had not been supplying LPFO for quite a long time.
“Improved cement prices and efficient cost management contributed to higher revenues and the good margin that was the best witnessed so far in the company’s long history.
“The company is still dominant in its home market and also penetrates into some key strategic markets neighbouring its location overtime because of the quality of our cement,” Mr Rabiu said.