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Challenges of infrastructure degradation and re-acquisition burden have been identified as the main obstacle to announcing shareholder dividends by the Cement Company of Northern Nigeria (CCNN) Plc.
Such ruin equipment includes spent generators, cooling tubes, and shell ovens, requiring large investment for replacement or repair, thus reducing the company's profits.
CCNN President Abdulsamad Rabiu, who explained the situation at Annual General Meeting 2016, said: "The council has decided not to pay dividends this year to ensure long-term survival of the company."
Regardless of the non-dividend statement, Rabi discovered that cement gained after taxation of N1.254 billion in 2016 or 4 percent more than N 1.2 billion in 2015.
Similarly, sales rose 8% to N14.1 billion nets in 2016 with N13.04 billion in 2015.
485,799 tons, an increase of 23% compared to 395,438 tons in 2015 achieved and the volume was sold at 488,495 tons, 21% more than 404,377 tons sold in the corresponding periods 2016 and 2015 respectively.
In his work environment assessment of the performance of the company, Rabi pointed out that the low cement prices, especially from the third quarter of 2015, continued until August 2016, which seriously affected its efficiency.
Despite this, the president promised that the administration and administration would continue to provide a rigorous profitability regime, transforming the company into promoting a strong shareholder value.
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