Ashaka Cement plans N3.2b own power plant
As firm declares 15 kobo dividend to shareholders
Worried by inadequate supply of electricity to power its vast operations, the management of Ashaka Cement Plc has concluded plans to build own power plant at a cost of about N3.2 billion.
The project, expected to be completed within three years, will also contribute its excess power to the national grid, the Chairman of the company, Alhaji Suleiman Yahyah has said.
‘’There will be diverse efficiency gains from 2016, for example, developments and operational initiatives such as the use of lignite from the company’s coal mine at Maiganga, Gombe and the planned capacity expansion which will more than double AshakaCem’s output in no distant future,’’ Yahyah noted.
The shareholders of the company has unanimously approved a dividend payment of 15 kobo for every ordinary shares totaling N336 million at its 41st yearly general meeting held on Tuesday in Abuja.
Welcoming shareholders to the meeting, Yahyah said the turnover of the company stood at N17. 4 billion as at December 2015 as against N21.1 billion recorded in 2014.
‘’Profit after taxation stood at N2. 8 billion as at December in 2015 as against N4.5 billion in 2014 while earnings per share was 123 in 2015 as against 204 in 2014’’.
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