Dangote Sugar reports profit of N29.73 billion — Daily Nigerian
Dangote Sugar Refinery Plc reported pre-tax profit, PBT, of N29.73 billion for the six months ended June 30, 2022.
The company made the revelation in a report signed by Anthony Chiejina, Group Head, Corporate Communications, Dangote Group, on Tuesday in Lagos.
According to the report, the company’s PBT increased by 10.97 billion naira from 18.76 billion naira recorded in the corresponding period in 2021, an increase of 58.47%.
The company recorded a profit after tax of N20.24 billion, compared to N12.61 billion recorded in the comparative period of 2021, which translates into a growth of 60.51%.
Additionally, the company’s revenue increased by N53.51 billion or 40.55% to N185.46 billion from N131.95 billion in the corresponding period of 2021.
Likewise, its gross profit maintained the same rise, rising to N38.82 billion from N28.60 billion in 2021.
Group Managing Director, Dangote Sugar Refinery, Ravindra Singhvi attributed the positive results for the half-year to major trading interventions introduced during the period and positive market responses.
Mr. Singhvi said the impressive performance during the reporting period demonstrated its resilience in the face of ongoing challenges, which was reflected in the strong revenue growth illustrated in the financial results.
He added that the sugar company continued to implement its plans for upstream sugar integration projects and improving its outsourcing program to support economic growth in immediate communities.
Mr. Singvi said the company’s goal is to develop a robust sub-contracting program with around 5,000 sub-contractors when the projects fully take off, in addition to meeting other targets of its sugar project plan. for Nigeria.
“The primary focus of the sugar refiner is the achievement of Dangote Sugar’s backward integration projects goals and it sets Nigeria on the path to sugar self-sufficiency and the global sugar map.
“The health and safety of employees as well as that of its partners remains the company’s top priority in its operations at the Apapa Refinery, its upstream sugar integration operations in Numan, State of Adamawa and Tunga, Nasarawa State.
“All processes comply with stipulated health and safety protocols,” he said.
Dangote Sugar Refinery is Nigeria’s largest producer of domestic and commercial sugar with a refining capacity of 1.44 million metric tons for domestic and industrial use.
Its backward integration goal is to become a global force in sugar production, producing 1.5 million MT/PA of refined sugar from locally grown cane for domestic and export markets.