Ashakacem plc one of the major cement manufacturing subsidiary of Lafarge Africa said its full year profit fell by 25% year on year.
The company ended the financial year 2016 with NGN17.3 billion revenue compared to NGN17.4 billion recorded in the financial year 2015.
Its cost of sales for the year rose to NGN14.5 billion in contrast 12.0 billion recorded in the previous.
The company recorded NGN2.7 billion gross profit for the year in revenue against NGN5.4 billion recorded in the year before. Meanwhile its administrative expenses for the period in review was NGN2.5 billion against NGN4.3 billion recorded in the year 2015.
Ashakacem recorded NGN2.6 billion profit before taxation in 2016 against NGN3.2 billion recorded in 2015. After settling its tax for the year, its profit for the year fell to NGN2.0 billion against NGN2.7 billion recorded in the year 2015. Which represents 25% fall year on year comparison.
Ashakacem plc acquired assets worth NGN74.5 billion against NGN70.3 billion acquired in the year 2015. Its total liabilities for the period was NGN5.3 billion versus NGN7.3 billion recorded in the year 2015.
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AshakaCem Plc is a cement manufacturing company focused on providing creative, qualitative solutions to meet the needs stakeholders. The company has been participating in the economic growth and development of Nigeria , the North-East in particular, for over three decades and operates in the manufacturing, sales and marketing sectors. The company is proud of its commercial expertise, efficiency and technical skills and has achieved good results by conducting our business with unwavering commitment to our customers, employees, shareholders and communities.
AshakaCem Plc was incorporated in August 1974 and commenced production in 1979 as a cement manufacturing and marketing company under the name Ashaka Cement Company Limited. The Company was initiated by the Nigerian Industrial Development Bank Limited and the Government of the then North- Eastern State (now Adamawa, Bauchi, Borno, Gombe, Taraba and Yobe States). Today, AshakaCemPlc is a subsidiary of Lafarge Africa Plc.