Bags of cement
Cement Company of Northern Nigeria Plc Monday reported a dip of 48 per cent in its profit for the first quarter (Q1) ended March 31, 2012.
The company, in its unaudited results released on the floor of the Nigerian Stock Exchange (NSE), recorded a turnover of N3.147 billion for the Q1; up from N3.104 billion posted in the corresponding period of 2011.
However, profit before tax fell by 48 per cent from N752 million in 2011 to N393 million in 2012, while profit after tax depreciated by the same margin from N511 million to N268 million. The shares of the cement manufacturing firm remained static at N6 per share as investors did not react adversely to the reduced profitability.
But while CCNN witnessed depreciation in its profit, an insurance firm - Sovereign Trust Insurance Plc, recorded a growth in its profit for Q1 of 2012. Gross premium stood at N3.069 billion in 2012, up from N2.44 billion in the corresponding period of 2011.
Profit before tax rose from N597 million in 2011 to N617 million in 2012, while profit after tax grew from N537 million to N553 million in 2012. Meanwhile, the bulls consolidated their hold on the market pushing the NSE
All-Share Index up by 0.36 per cent to close at 22,191.14. Similarly, market capitalisation of equities added N25 billion to close at N7.084 trillion.
Nigerian Breweries Plc led the 24 price gainers with N3.30 to close at N109 per share, trailed by Seven-Up Bottling Company Plc with a gain of N2. Dangote Flour Mills Nigeria Plc and Stanbic IBTC Bank Plc chalked up N0.32 apiece.
Conversely, Nestle Nigeria Plc led the 14 price losers with N3.04, trailed by Roads Nigeria Plc with a decline of N0.41. Oando Plc went down by N0.32 among others.