Earnings Flash: CCNN Net Income Booms By 173%
The Cement Company of Northern Nigeria (CCNN) makers of Sokoto Cement released their unaudited 3Q results on the floor of the exchange today.
Turnover was up 16% to N 9.76 billion from N 8.39 billion over the same period in 2010.
Profit Before Tax accelerated aggressively by 146% to N 2.3 Billion from N 934 Million at the end of 3Q, 2010.
Similarly Net Income was up a very respectable 173% to N 1.57 Billion from N 574 Million over the similar period last year.
The management of the company did superb work managing costs and expenses, whilst growing turnover and thus delivered an excellent result.
The company’s stock is trading at N 5.01, down over 60% from January and reflecting the fact that the company’s stock is undervalued, therefore offering good prospects to investors.
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