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LequteMan
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Despite the effects of the Boko Haram insurgency in Northern Nigeria, a cement company has recorded a 91% surge in its profit for the first half of the year.
The secret is the reduction in operating and finance costs, BudinessDay reports:
The Cement Company of Northern Nigeria Plc (CCNN), through reduction in operating and finance costs, was able to increase profit by 91 percent, as the company continues its aggressive expansion drive with a view to increasing its market share.
For the first six months through June 2014, the Sokoto based company’s net income was up by 91 percent to N1.58 billion from N832.2 million in the same period of the corresponding year (HY) 2013.
This is the most impressive bottom line performance among the four major cement makers in the industry as most grappled with huge cost caused by shortages of gas supply.
The stellar performance is also coming amid security challenges caused by the Boko Haram insurgency which has been hampering the growth potentials of firms operating in the Northern region
Click here to read more
The secret is the reduction in operating and finance costs, BudinessDay reports:
The Cement Company of Northern Nigeria Plc (CCNN), through reduction in operating and finance costs, was able to increase profit by 91 percent, as the company continues its aggressive expansion drive with a view to increasing its market share.
For the first six months through June 2014, the Sokoto based company’s net income was up by 91 percent to N1.58 billion from N832.2 million in the same period of the corresponding year (HY) 2013.
This is the most impressive bottom line performance among the four major cement makers in the industry as most grappled with huge cost caused by shortages of gas supply.
The stellar performance is also coming amid security challenges caused by the Boko Haram insurgency which has been hampering the growth potentials of firms operating in the Northern region
Click here to read more
