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Dangote Sugar declares N29.73bn PBT in H1

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

By Eugene Onyeji

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Nigeria’s largest sugar refinery, Dangote Sugar Refinery Plc has posted a strong performance of N29.73 billion profit before tax (PBT) for the half year ended June 30, 2022.

According to the unaudited results posted on the portals of the Nigerian Exchange, 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.

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Dangote Sugar posted a profit after tax of N20.24 billion against N12.61 billion recorded in the comparative period of 2021, translating to 60.51 per cent growth.

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Revenue was up by N53.51 billion, increasing to N185.46 billion compared to N131.95 billion at the same period last year.

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

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Read Also: Dangote eyes N13 billion dividend from sugar

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

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He said, “Our impressive performance in the half year demonstrates our resilience in the face of prevalent challenges, which rightly reflected in strong topline growth shown in the financial results.”

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“Dangote Sugar Refinery has 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. The aim is to develop a robust outgrower scheme with about 5,000 outgrowers when the projects have fully taken off, in addition to the achievement of other targets of its Sugar for Nigeria Project plan.

“The key focus is of the sugar refiner is achievement of the Dangote Sugar Backward Integration Projects targets and put Nigeria on the path of sugar self-sufficiency and the world sugar map.”

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

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