Nigeria: Ashaka Cement sees 27% profit drop in 2016

In its audited results Ashaka Cement reported revenues slipping to NGN17.351bn (US$56.8m) in 2016 from NGN17.145bn the previous year.

Profit before tax fell from NGN3.209bn in 2015 to NGN2.663bn in 2016. Profit after tax saw a 27 per cent decrease from NGN2.76bn in 2015 to NGN2.01bn one year later.

The company applied for a voluntary delisting from the Nigerian Stock Exchange following a violation of the stock exchange’s requirement of a free float deficiency provision of 20 per cent of shares. Lafarge Africa Plc currently holds 84.97 per cent stake in Ashaka, bringing the tradable free float to 15.03 per cent.