Dangote Sugar declares N29.73bn profit in six months

Dangote Sugar Refinery Plc has declared a Profit Before Tax (PBT) of N29.73 billion for the half year ended June 30, 2022.

The company made the disclosure in a statement signed by Mr. Anthony Chiejina, the Group Head, Corporate Communications, Dangote Group, on Tuesday in Lagos.

According to the statement, the company’s PBT rose by N10.97 billon compared with N18.76 billion recorded at the corresponding period in 2021, an increase of 58.47 per cent.

The company posted a profit after tax of N20.24 billion in contrast with N12.61 billion recorded in the comparative period of 2021, translating to 60.51 per cent growth.

Also, the company’s revenue was up by N53.51 billion or 40.55 per cent to N185.46 billion against N131.95 billion achieved in the corresponding period of 2021.

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Similarly, its gross profit maintained the same upswing, rising to N38.82 billion from N28.60 billion in 2021.

The Group Managing Director, Dangote Sugar Refinery, Mr. Ravindra Singhvi, attributed the positive results in the half year to key trade interventions introduced during the period and positive market responses.

Singhvi said the impressive performance during the review period demonstrated its resilience in the face of prevalent challenges, which reflected in strong topline growth shown in the financial results.

He added that the sugar company had continued to implement its sugar backward integration projects plans and the enhancement of its outgrowers scheme to support the economic growth of the immediate communities.

Singvi said the company’s aim was to develop a robust outgrower scheme with about 5,000 outgrowers when the projects fully take off, in addition to the achievement of other targets of its sugar for Nigeria project plan.

Dangote Sugar Refinery is Nigeria’s largest producer of household and commercial sugar with 1.44M MT refining capacity for household and industrial uses.

The Star