Dangote Sugar declares N29.73b profit before tax in H1 2022
By EDU ABADE, Business Editor
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 issued by the Group Head, Corporate Communications of Dangote Group, Anthony Chiejina, yesterday, in Lagos indicating that the company’s PBT rose by N10.97 billion compared to N18.76 billion recorded in the corresponding period of 2021, representing an increase of 58.47 per cent.
It posted a profit after tax (PAT) of N20.24 billion as against the N12.61 billion recorded in the comparative period of 2021, translating to 60.51 per cent increase.
Also, the company’s revenue rose by N53.51 billion or 40.55 per cent to N185.46 billion as against the N131.95 billion achieved in the corresponding period of last year, while its gross profit rose to N38.82 billion from N28.60 billion in 2021.
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Group Managing Director, Dangote Sugar Refinery, Ravindra Singhvi, attributed the positive half year results 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 was reflected in strong top line 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 out growers scheme to support the economic growth of the immediate communities.
Singvi said the company’s aim was to develop a robust out grower scheme with about 5,000 out growers when the projects fully commence in addition to the achievement of other targets of its sugar for Nigeria project plan.
“The key focus of the sugar refinery is an achievement of the Dangote Sugar Backward Integration Projects targets and it puts Nigeria on the path of sugar self-sufficiency and the world sugar map.
“Employee health and safety, as well as that of its partners remain the company’s top priority in its operations at the Apapa Refinery, its Sugar Backward Integration Operations in Numan, Adamawa State and Tunga, Nasarawa State. All processes are in compliance with stipulated health and safety protocols,” he said.
Dangote Sugar Refinery is Nigeria’s largest producer of household and commercial sugar with 1.44M MT refining capacity for household and industrial uses.
Its backward integration goal is to become a global force in sugar production by producing 1.5M MT/PA of refined sugar from locally grown sugar cane for the domestic and export markets.