Sokoto cement 2016 profit rose to N1.25bn

Sokoto Cement Plc has reassured its shareholders of future robust earnings, as its performance indices continue to soar irrespective of operational challenges.

The company’s result for the period ended December 31st, 2016 released by the Nigerian Stock Exchange (NSE) Monday showed that even as selling and distribution expensed continue to increase, profit and loss lines keep gathering momentum.

The company’s turnover grew to N14.087 billion from N13.038 in 2015, reflecting N1.05billion change or 8 per cent growth, cost of sales rose to N10.151 billion , against N9.185 billion posted in the preceding year , showing N965.83 million or 11 per cent increase.

The company’s cost of sales according to the audited financial statement rose to N10.15 billion, from N9.19 billion in 2015, its gross profit stood at N3.95 billion, from N3.85 billion in 2015, Selling and distribution expenses N367.64 million, from N113.90 million

Profit from operations rose to N1.81 billion, over N1.88 billion in 2015 posted in 2015, Profit before taxation accelerated to N1.74 billion, from N1.55 billion in 2015, while Tax expenses N486.72 was recorded in 2016, which in 2015 was N348.49million.

Sokoto cement posted Profit for the year of N1.25 billion, against N1.20 billion in 2015.

Gross profit rose to N3.94 billion, over N3.85 billion in 2015, accounting for N83.88 million or 2 per cent growth. Profit before taxation N1.74 billion , from N1.55 billion in 2015, reflecting N190,93 million or 12 per cent growth, while profit after income tax was N1,253 billion, over N1.20 billion in the previous year, showing N52.70 million or 4 per cent increase.

Dividend paid N125.67 million, from N439.84 million, showing N314.169 or 71 per cent drop in dividend payout.
The company’s total assets during the period grew to N20.02 billion, from N17.15 billion in 2015, showing N2.88 billion or 17 per cent growth. Non-current assets rose to N10.53 billion, against N10.12 billion in 2015, reflecting N408.65 million or 4 per cent growth.

Total liabilities stood at N8.54 billion, which in 2015 was N7.00 billion, indicating increase by N1.53 billion or 22 per cent. Shareholders’ funds rose to N11.49 billion, from N10.14 billion in 2015, reflecting N1.35 billion or 13 per cent growth.

The company’s cost of sales rose to N10.15 billion, from N9.19 billion in 2015, its gross profit stood at N3.95 billion, from N3.85 billion in 2015, Selling and distribution expenses N367.64 million, from N113.90 million

The result showed that profit from operations dimmed to N1.81 billion, from N1.88 billion in 2015, Profit before taxation stood at N1.74 billion, over N1.55 billion in 2015, Tax expenses stood at N486.72 from N348.49 in 2015, while Profit for the year N1.25 billion, against N1.20 billion in 2015