Equity Analysis /
Sub Sahara Africa

CEMENT CO. OF NORTHERN NIGERIA: Q3 17 results – volume growth bucks sector trend

    Olabisi Ayodeji
    Olabisi Ayodeji

    Equity Research Analyst, Banks (Africa)

    Tellimer Research
    24 October 2017
    Published byTellimer Research
    Cement Company of Northern Nigeria (CCNN) has published its 9M 17 results, recording EPS of NGN1.62, +182% yoy. This implies EPS of NGN0.80 in Q3 17, +1,500% yoy and +95% qoq. The company’s performance in the quarter is stronger than expected, and also reflects a recovery from a weak base in Q3 16 when earnings were suppressed by weaker selling prices and a decline in volumes.