Dangote Sugar declares N36.27bn profit in 9 months
Posted By Town Crier News Nigeria
Published By Fitness Network Communications
Dangote Sugar Refinery Plc has announced a Profit Before Tax of N36.27 billion for a duration of nine months ending September 30, 2022.
Group Managing Director, Dangote Sugar Refinery Plc, Mr Ravindra Singhvi, made this known in a statement on Sunday in Lagos.
He said that the company’s PBT rose by N13.17 billion compared to N23.10 billion posted in the corresponding period in 2022.
Singhvi added that Profit After Tax rose from N15.51 billion to N24.83 billion, while revenue went up from N195.50 billion to N288.32 billion.
He attributed the positive results for the period to key trade interventions introduced during the year and positive market responses.
He recalled that the company recorded a PBT of N29.73 billion for the half year ended June 30, 2022, while PAT hit N20.24 billion in that period.
“Our impressive performance in the period demonstrates our resilience in the face of prevalent challenges, which rightly reflected in strong top-line growth as seen in the financial results,” he said.
Singhvi said that Dangote Sugar Refinery had continued to implement its sugar backward integration projects plans and enhance its out-growers scheme to support the economic growth of the immediate communities.
He said the company’s aim was to develop a robust out-grower scheme with no fewer than 5,000 outgrows when the projects have fully taken off.
This, he explained, was in addition to the achievement of other targets of its ‘Sugar for Nigeria Project’ plan.
“The key focus of the sugar refinery is the achievement of the Dangote Sugar Backward Integration Projects targets and putting Nigeria on the path of sugar self-sufficiency and the world sugar map.
“Employees’ health and safety as well as that of its partners remain a top priority at the company’s operations at the Apapa Refinery, its Sugar Backward Integration Operations in Numan, Adamawa and Tunga, Nasarawa.
“All processes are in compliance with stipulated health and safety protocols,” he said.
The News Agency of Nigeria reports that Dangote Sugar Refinery is Nigeria’s largest producer of household and commercial sugar with 1.44M MT refining capacity.
The company refines raw sugar imported from Brazil to white, Vitamin A fortified refined granulated white sugar suitable for household and industrial uses.