Cement Company of Northern Nigeria also known as Sokoto Cement Company of Northern Nigeria (CCNN) recorded a net profit after tax of NGN1.8bn (US$12m) as against a net profit of NGN1.5 last year.
Speaking at the 31st Annual General Meeting of CCNN held in Sokoto on Wednesday, its chairman, Abdulsamad Rabiu, said since the company was acquired by BUA International Limited as a core investor last year, it embarked on cost cutting measures to ensure that the profit declared was quite substantial.
He maintained that BUA International made a strategic investment in CCNN to improve the quality of cement production in order to take its rightful place and market position in Nigeria.
He noted that clinker production and cement sales in 2009 were all time high. He stated that the demand for cement was high during the first eight months, while the company experienced a somewhat weaker market in the remaining period of the year, saying the development was to a large extent compensated for by export to Republic of Niger.