Cement News tagged under: Cement Co of Northern Nigeria

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Shareholders approve CCNN-Obu merger

06 December 2019, Published under Cement News

Shareholders of Cement Co of Northern Nigeria (CCNN) and Obu Cement Co have unanimously approved the merger of the two entities into Obu Cement plc. This implies that all the assets, liabilities, licences and undertakings of CCNN, including employees, real property and intellectual property right, have been transferred to Obu Cement. Also, the entire issued share capital of CCNN, comprising 13,143,500,966 ordinary shares of 50 kobo each be cancelled and CCNN be dissolved without being woun...

Post-merger CCNN reports improved 1Q19 results

08 May 2019, Published under Cement News

Nigeria’s Cement Co of Northern Nigeria (CCNN) saw its net profit after tax soar by 236 per cent YoY to NGN3.636bn (US$10.1m)  in the first quarter of 2019 ended 31 March. The merger with Kalambaina Cement Co Ltd is seen as a key reason for the improved profit figure. In the post-merger three-month period revenue saw a 213 per cent hike to NGN16.886bn from NGN5.394bn in 1Q18. Sales volumes increased by 233 to 411,945t with a capacity utilisation rate of 82 per cent. Strong domestic demand...

Nigeria’s CCNN sees profit after tax more than double

30 July 2018, Published under Cement News

The Cement Co of Northern Nigeria (CCNN) reported a revenue of NGN19.588bn (US$54.2m) in 2017, representing a 31.6 per cent rise when compared with revenues of NGN14.088bn of the previous year. CEO of the BUA Group, CCNN’s parent company, Abdul Samad Rabiu, attributed the rise to improved cement prices and efficient cost management. Gross profit in 2017 reached NGN7.605bn, nearly double the NGN3.936bn recorded in 2016. Profit after tax increased from NGN1.254bn in 2016 to 3.224bn one ...

Nigeria's cement market shows no let-up

23 July 2018, Published under Cement News

Nigeria is pushing its production full-throttle as cement demand begins to race ahead. Dangote Cement is revelling in high 1H18 sales volumes and competing cement companies are building new capacities to increase their market share. "Our first-half performance was very strong and driven by an excellent recovery in Nigeria, where our sales volumes increased by nearly 14 per cent and revenues by more than 18 per cent," said Joe Makoju, Dangote's Group CEO. Dangote Cement's total sales...

Nigeria's CCNN and Kalambaina Cement to merge

28 June 2018, Published under Cement News

The Board of Directors of Nigeria’s Cement Co of Northern Nigeria (CCNN) and owners of the 0.5Mta Sokoto cement plant have announced that it has informed the Nigerian Stock Exchange of its proposed merger with BUA-owned Kalambaina Cement Co Ltd, owned and operators of the 1.5Mta Kalambaina plant in Sokoto state, Nigeria. CCNN's Managing Director, Ibrahim Aminu, said the proposed merger would improve the competitiveness of CCNN in its home market and also enable it utilise the more modern p...