Dangote Sugar Posts N36.27bn Profit in 9 Months

Kayode Tokede

Dangote Sugar Refinery Plc has announced a profit before tax (PBT) of N36.27 billion for the nine months ended September 30, 2022.

According to the sugar refiner’s unaudited results posted on the Nigerian Exchange Limited (NGX) portal, PBT rose by N13.17 billion compared to N23.10 billion posted in the corresponding period in 2022.

Profit after tax (PAT) rose from N15.51 billion to N24.83 billion while revenue went up from N195.50 billion to N288.32 billion.

Group Managing Director, Dangote Sugar Refinery Plc, Ravindra Singhvi in his remarks attributed the positive results in the nine months to key trade interventions introduced during the year and   positive market responses.

He said, “Our impressive performance in the period demonstrates our resilience in the face ofprevalent challenges, which rightly reflected in strong topline growth shown in thefinancial results.”

Dangote Sugar Refinery had recorded a profit before tax (PBT) of N29.73 billion for the half year ended June 30, 2022 while  profit after tax (PAT) hit  N20.24 billion in that period.

Meanwhile, the company said it 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, “it stated.