Sokoto cement posts N15.7b turnover

By IAfrica
In Nigeria
Aug 16th, 2014
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The Cement Company of Northern Nigeria Plc, maker of Sokoto Cement, yesterday, announced that it recorded a turnover of N15,787,110,932 in 2013.

Its Chairman, Alhaji Abdullsamad Rabiu, who made this disclosure in his statement for the 2013 Annual General Meeting (AGM) at Abuja, said that the firm in 2012 earned a turnover of N15,125,577,305.

According to him, the “profit after tax in the year under review was N1,423,635,008 compared to N1,196,061,395 in the year 2012.”

He disclosed that because of the good performance and improved cash flow situation, the board recommended the payment of a gross dividend of 70kobo  per share.

This, said Rabiu, amounted to N879,674,439. The chairman however submitted that if the proposed dividend is approved by the shareholders it would be subjected to deduction of withholding tax at the appropriate rate.

The shareholders approved the dividend of 70kobo per share.

He explained that the plan of the Security and Exchange Commission to phase out paper-based dividend warrants is still on course.

He urged those who are yet to fill the e-dividend mandate and submit to registrars are encouraged to do so.

The chairman said that cement sale in 2013 was in time high and the company recorded an increase in both turnover and profit after tax.

He stressed that the “clinker production was hampered by lack of electric power. The board has now decided to increase the capacity of the company’s power plant because the electricity supply from the national grid is insufficient.”

He said that in 2013, the company showed a successful reintroduction of biomass as a supplementary kiln fuel.

He said that together with a satisfactory heavy fuel oil supply situation throughout the year, this project contributed to a better control of the nerdy in biomass.

The Acting Company Secretary, Ahmed Aliyu recalled that during the period, Mr. Ibrahim Aminu was appointed as Executive Director (Finance) and board member effective 13th May 2013.

He explained that prior to his appointment, he was the company’ Finance Director.

According to him, “Mr. Finn Arnoldsen- Executive Director (Sales & Marketing ) resigned his appointment as a member of board effective 26th August 2013. Sani Garba Shuni was replaced by Garba Muhammad Sarkin Kudu by Sokoto State Government.

In terms of gifts and donation, he said that no donation was made to any political organization during the year but charitable gifts totaling N18, 758,450 were given it in accordance with the company’s policy on social development and improvement of the community, the environment and hygienic conditions of the less-priviledged.

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