Sokoto Cement posts NGN2.0 billion profit for nine months

sokoto cement

Sokoto Cement plc is reporting NGN2.0 billion profit for nine months ended 2017 compared to NGN721.5 million reported same period in the financial year 2016.

The cement company ended the period with higher revenue of NGN13.6 billion in contrast to NGN9.2 billion recorded in the previous year while gross profit stood at NGN5.2 billion against NGN2.4 billion in the year 2016.

Total assets for the period was NGN22.5 billion compared to NGN20.0 billion acquired in the year before while total liabilities was NGN9.0 billion versus NGN8.5 billion in the year before.

Company Information

Cement Company of Northern Nigeria Plc (CCNN), was founded by the Premier of the then Northern Region, Alhaji Sir Ahmadu Bello, Sardauna of Sokoto. It was incorporated in 1962 and commenced production in 1967 with an initial installed capacity of 100,000 tons per annum at the Kalambaina plant.

The need to meet the increasing demand for cement necessitated an expansion of the plant with the commissioning of a second line with an installed capacity of 500,000 tons per annum in 1985, by the then Head of State, Major General Muhammadu Buhari. Thereafter, in 1986, the first line was shut down due to its uneconomic mode of operation, thus leaving the plant with a rated output of 500,000 tons per annum.