By InvestAdvocate

Lagos (INVESTADVOCATE)-Cement Company of Northern Nigeria Plc (CCNN), one of Nigeria’s top cement makers Wednesday declared a 70 kobo dividend payout to shareholders of the company.

The 70 kobo per share dividend declared is 55.6 percent (55.6%) growth compared to 45 kobo paid in the company’s 2012 full year.

CCNN announced that in its corporate action to the Nigerian stock exchange (NSE) that the 70 kobo per share dividend is subject to shareholders’ approval after its annual general meeting (AGM) scheduled to hold at a yet to mentioned date in the second half of year 2014.

Analysts at Investment One Financial Services affirmed that the 70 kobo per share dividend is a dividend yield of 8.0%.

A review of the cement maker 2013 audited report shows that profit after tax (PAT) grew by 19.06% as it reported N1.424 billion compared to N1.196 billion in 2012 full year.

Also, profit before tax (PBT) increased from N1.653 billion in 2012 audited year end to N1.970 billion in the review period of 2013; indicating an increase in PBT of 19.18%.

However, CCNN recorded a slight increase in revenue as it declared N15.787 billion in 2013 audited year end compared to N15.126 billion posted in the corresponding period of 2012; showing an increase in revenue of 4.37%.

The company’s share price gained 70 kobo at the ending of trading Wednesday at the Nigerian bourse as it opened at N8.75 kobo and closed at N9.45 kobo.