Sokoto Cement Explains Non-Payment Of Dividend To Shareholders

Challenges of infrastructure decline and re-training loads have been identified as the main obstacle to dividend disclosure by the Cement Board of Northern Nigeria (CCNN) Plc. Such waste equipment includes worn generators, refrigerators, and shell kilns, which require huge investments for their replacement or repairs, and so eat deep into the profits of the company. President CCNN, Abdulsamad Rabiu, who gave an explanation at the 2016 Annual General Meeting, said as a result: "The committee has decided not to recommend any dividend payment this year ... to secure long-term survival of the company." Despite the non-disclosure of dividends, Rabi announced that the cement company in 2016 had earned $ 211 million in profits or after a four percent increase of N1.2 billion in the financial year of 2015. Similarly, traffic grew by eight percent to N14.1 billion in 2016 with N13.04 billion in 2015. It is further noted that cement production amounted to 485,799 tons in 2016, an increase of 23 percent from 395,438 tons in 2015, while the volume sold was 488,495 tons or 21 percent more than 404,377 tons sold in the respective periods 2016 and 2015. In his work environment assessment of the performance of the company, Rabiu pointed out that the low cement prices, especially since the third quarter of 2015, continued until August 2016, which seriously affected its performance. Despite this, the president has promised that the Board and Management will continue to provide a tight cost-effectiveness regime in turning the company in order to promote a strong shareholder value.




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