CCNN announces 37.5 % decline in PBT

... Proposes 10 Kobo per Share Dividend

Cement producer, Cement Company of Northern Nigeria (CCNN) on Tuesday announced its  profit before tax for the period ended December 31, 2015 dropped 37.5 per cent to N1.55 billion from N2.48 billion posted a year earlier.

In the same vein, profit after tax (PAT) declined 37.4 per cent to N1.20 billion from N1.92 billion declared the same period of 2014.

Also, revenue of CCNN climbed down to N13.04 billion in 2015 audited period from N15. 12 billion reported in 2014 end; representing a depreciation of 13.8 per cent in the review period, the cement manufacturer said in a filing with the Nigerian Stock Exchange (NSE).

The company proposed a dividend of 10 kobo per share to its investors in the 2015 audited year end compared to the 35 kobo per share paid in 2014 end; showing a drop of 71.42 per cent in dividend payout to shareholders of CCNN.