• Business - Companies
  • Updated: May 11, 2021

Dangote Sugar Posts N11.95bn Profit in Q1

Dangote Sugar Posts N11.95bn Profit in Q1

Dangote sugar

Dangote Sugar Refinery Plc has reported a profit before tax of N11.95 billion for the first quarter ended March 31, 2021.

The profit before tax was higher by 25.79 percent when compared with N9.5 billion posted in the corresponding period of 2020.

The company’s Group Managing Director/Chief Executive Officer, Mr. Ravindra Singhvi, disclosed this in an unaudited financial report released by the Nigerian Exchange (NGX) Ltd. in Lagos.

Singhvi said the profit after tax during the period increased by 30.3 percent to N8.30 billion in contrast to N6.37 billion in the comparative period of 2020.

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He said that the results were a reflection of the company’s unrelenting drive to deliver consistent shareholder value.

According to him, group sales volume in the quarter rose by 5.7 percent to 200,510 tonnes.

Singhvi attributed the growth in sales volume to sustained efforts to drive customer base expansion, several trade initiatives, and investments.

“Group production volume also increased by 4.3 percent to 200,783 tonnes compared to 192,584 tonnes in 2020.

“The increase came from operations optimization strategy despite the challenges of the Apapa traffic situation.

“The group revenue increased to N67.39 billion indicating an increase of 41.5 percent over N47.64 billion in 2020,” he said.

The group managing director said the company’s first-quarter financial results showed commitment to enhanced value creations for all stakeholders.

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“We commenced the year on a fair footing as our 1st quarter 2021 financial results show our commitment to delighting our customers and consumers with high-quality products and delivering value for all stakeholders.

“The health and safety of our people and partners remain our priority. Our refineries in Apapa and Numan continue to operate ensuring the health and safety protocols are upheld and our commitment to the environment is sustained,” he said.

Singhvi noted that the company had experienced improved yield from its sugar cane plantations and would continue to partner out-growers for the supply of sugar cane for production.

“We remain committed to the implementation of the “Dangote Sugar for Nigeria” master plan as we continue to pursue our backward integration projects,” he said.

Dangote Sugar Refinery is Nigeria’s largest producer of household and commercial sugar with a 1.44M MT refining capacity at the same location.

The company’s refinery located at Apapa Wharf Ports Complex, refines raw sugar imported from Brazil to white, Vitamin A fortified refined granulated white sugar suitable for household and industrial uses. (NAN)

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Oluwatosin Ogunjuyigbe
Oluwatosin Ogunjuyigbe

A seasoned business content writer, financial markets analyst, and tech enthusiast.

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