Leading cement manufacturing company,
An analysis of the results showed that
However, selling and distribution expenses rose by 17 per cent from N12.9 billion to N14 billion. Finance cost rose by 29 per cent from N6.3 billion to N8.1bilion, while tax stood at N11.6 billion, compared to zero tax in the corresponding period of 2013. Consequently, profit after tax fell by 11 per cent from N107 billion to N95 billion.
Market analysts said
Although the huge tax is seen as a new challenge for the company, Group Managing Director of
The company had ended 2013 with N201 billion profit, which Edwin attributed to focused and strategic management.
"Our direct-delivery strategy is proving very popular with customers and I am pleased to report that direct-to-customer deliveries now account for more than half of our sales. We increased our margins despite continuing disruption to our gas supply and believe that the gas distribution infrastructure will be more robust in 2014, enabling us to improve our margins even further.
At the same time we are looking at ways to diversify our fuel supplies to mitigate the impact of any future disruption and reduce the cost of using alternative fuels to gas," Edwin said.
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