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)

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    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.