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AshakaCem Nigeria Plc has recorded a profit before taxation of N2.4bn for the 2009 financial year.The Chairman of the company, Brig.Emmanuel Ikwue(retd), disclosed this during the company’s 35th Annual General Meeting in Abuja, on Wednesday.However, the company’s turnover dipped from N21.4bn in 2008 to N17.2bn in 2009.Similarly, its gross profit to turnover dropped from 35 per cent in 2008 to 32 per cent in 2009, while profit before taxation to turnover fell from 15 per cent in 2008 to 14 per cent in 2009. Despite the decline in profit, the board of directors of the company have approved a bonus issue of one new share for every eight shares already held for the shareholders.Giving an overview of the company’s operations in the review period, Ikwue stated that the decline in profit was sequel to the negative impact of the global economic crunch on the cement industry.AshaCem was incorporated on August 1974 as a private limited company. It was converted to a public company and the shares were quoted on the Nigeria Stock Exchange in July 1990. Its present ownership structure comprises 48.84 per cent Nigerian and 50.16 per cent Lafarge SA held through its subsidiaries, Lafarge Cement Plc and Larfarge Nigeria Limited, which owns 50 per cent and 0.16 per cent respectively.