Cement Company of Northern Nigeria PLC - Earnings look up
​CCNN released Q1’16 results reporting a 20% y/y drop in revenue to N3.6 billion and a 62% y/y fall in PAT to N243 million. In the context of recent quarterly performances (particularly Q4’15, where negative earnings were reported amidst a record low topline) we think the Q1 numbers are fairly impressive even as the operating environment remained challenging. Revenue over the three month period beat our estimate by 40%, and was the highest since Q2’15. We believe the recovery was supported by improvement in the availability of LPFO - most likely from imports given that petroleum product production remained challenging at the Kaduna Refinery (CCNN’s main LPFO supplier) over the Q1 period.
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