Shareholders of Cement Company of Northern Nigeria Plc have approved the payment of N5.25bn as dividend for the 2018 financial period.

The amount, which was approved at the company’s annual general meeting in Abuja, translated into a dividend payout of 40 kobo per share.

The approved dividend of N5.25bn represents an increase of N3.68bn or 235 per cent over the N1.57bn, which the company paid in the 2017 financial period.

Speaking at the event, the Chairman, CCNN, Abdulsamad Rabiu, described the 2018 financial period as impressive for the company owing to the conclusion of the merger with Kalambaina Cement.

He said through the merger, the company’s installed capacity had increased to two million metric tons per annum.

This, he noted, had led to the introduction of new technology, reduction in operational costs and increase in the number of transport fleet.

Providing details of the financial performance of CCNN, he said the company recorded revenue of N31.72bn in 2018 as against N19.58bn in 2017.

He said profit after tax grew to N5.86bn in 2018 as against N2.91bn in 2017.

He said, “The company recorded its highest domestic exports sale durng the year. This was facilitated by the additional output from the enlarged entity.

“In 2019, we hope to have the full combined capacity of the two entities. With the new capacity, CCNN is now the dominant player in its home market of North West Africa.”

Rabiu said the company was taking advantage of the proximity to the neighbouring West African borders, adding that this had opened a new window for the export operations and revenue generation in foreign exchange.

Shareholders who spoke at the event commended the company for the payment of dividend.

They said with the conclusion of the merger, the company’s profitability would increase in the future.