Ashaka net profit up 85%, Nigeria

Ashaka net profit up 85%, Nigeria
Published: 02 August 2011

Ashaka Cement Plc chairman, Brigadier Emmanuel Ikwue announced that the company made a profit before tax of N4.39bn (US$15.7m) in 2010 as against  N2.37bn in 2009, which represents an increase of 85.23%.
 
Ikwue disclosed this at the 36th annual general meeting of the company (AGM) in Abuja, stating that the gross turnover of the company increased to NGN19.15bn  in 2010 compared to NGN17.19bn in 2009, an increase of 11.40.

 “The unsteady power supply and the poor quality from PHCN has continued to  adversely impact on our production costs. However as we continue with our  efforts to make further progress on the coal project, it will help in reducing  our manufacturing costs despite the continued increase in prices of low pour  fuel oil (LPFO) and Automobile General Oil (AGO) which is used in running our  power plant”, Ikwue said.