Nigeria Benue Cement FY net profit jumps

Nigeria Benue Cement FY net profit jumps
Published: 15 June 2009

Nigeria’s Benue Cement Company, controlled by local private conglomerate Dangote Group, recorded a 230 per cent rise in net profit in its year to Dec. 31, 2008, the Nigerian Stock Exchange (NSE) said on Friday.

The cement maker’s net profit climbed to 4.14 billion naira ($28.23 million) from 1.25 billion naira in 2007, according to its financials released on the floor of the NSE.

The company’s gross earnings soared 200 percent to 16.45 billion naira from 5.47 billion naira a year earlier.

The directors have proposed a bonus issue of one new share for every four held by shareholders in the company’s register by July 6, 2009.

The 2008 results helped push the company’s share price to the maximum 5 percent limit, closing at 34.66 naira on Friday.

Its fixed assets grew to 41.95 billion naira from 33.45 billion naira the previous year, while net assets were up at 13.75 billion naira from 9.60 billion naira.