This Day (Lagos)

Nigeria: CCNN's Profit Dips 73 Percent

21 August 2012

The profit after tax of Cement Company of Northern Nigeria Plc dipped by 73 per cent for the second quarter ended June 30, 2012, a development, stock dealers and investors said could be due to insecurity challenges in the Northern part of the country.

CCNN's profit dipped to N620 million in 2012, down from N1.074 billion in the corresponding period of 2011. However, the company's turnover rose from N7.047 billion to N8.051 billion.

The insecurity in the northern part of the Nigeria caused by the activities of Boko Haram Sect has been impacting negatively on business operations in that part of the country.

The Chairman of Fidson Healthcare Plc, Mr. Felix Ohiwerei, recently declared that Boko Haram's activities had had a very detrimental effect on business in the Northern part of the country.

"Unfortunately, the end to this challenge is not in sight," he said.

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