Cement Company of Northern Nigeria PLC has released its Q1 report for 2018. The Company recorded a growth of 23.91% growth as its Q1 revenue advanced to N5.39 billion as against N4.35 billion the previous year.
Profit before tax of the company also grew 118.98% above last year’s record of N685 million, settling at N1.5 billion.
Cement Company of Northern Nigeria Plc (CCNN), was founded by the Premier of the then Northern Region, Alhaji Sir Ahmadu Bello, Sardauna of Sokoto. It was incorporated in 1962 and commenced production in 1967 with an initial installed capacity of 100,000 tons per annum at the Kalambaina plant.
Under the privatization and commercialization programme of the firms in 1992, the Federal Government disinvested about 20% of its holding in the company and sold it to the Nigerian Public.
Under the civilian administration of Chief Olusegun Obasanjo, Cement Company of Northern Nigeria Plc was earmarked as one of the companies to be fully privatized. In 2000 therefore, public bidding for the Company was concluded and Scancem International ANS of Norway, a member of Heidelberg Cement Group was appointed as core investor and technical partner of the Company. Following a strategic re-orientation, Heidelberg Cement Group divested its CCNN shares in 2008. The Nigerian company Damnaz Cement Company Limited became CCNN’s new core investor.
In 2010, BUA International Limited acquired Damnaz Cement Company Limited and became indirectly the majority shareholder in CCNN and its technical partner.