CCNN’s 9M’16 PAT was down 56% y/y to N0.7 billion (Vetiva estimate: N1.0 billion) following a disappointing Q3. Despite q/q increase in cement prices (46% price hike only took effect from September), revenue over the 3-month period declined 5% q/q to N2.7 billion and suggests volume must have been down over the period. Asides the ...
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