Dangote Sugar Refinery has recorded Profit Before Tax (PBT) of N11.95 billion in its three-month operations, as against N9.5 billion posted in the corresponding period in 2020.
The company’s unaudited result for the three months, which ended on March 31, 2021, showed N11.95 billion PBT, representing 25.6 per cent rise when compared to N9.5 billion posted in the previous year.
Its Profit After Taxation (PAT) also increased by 30.3 per cent to N8.30 billion higher than N6.37 billion recorded in 2020, reflecting management’s unrelenting drive to deliver consistent shareholder value.
Group sales volume increased in the quarter by 5.7 percent to 200,510 tonnes.
The firm attributed the improved performance to sustained efforts to drive customer base expansion; several trade initiatives, and investments.
Group production volume also increased by 4.3 per cent to 200,783 tonnes compared to 192,584 tonnes in 2020. The increase came from operations optimisation strategy despite the challenges of the Apapa traffic situation.
According to the result, group revenue increased to N67.39 billion indicating an increase of 41.5 per cent over N47.64 billion. Revenue growth advanced volume growth due to pricing benefits.
The Group Managing Director/CEO, Ravindra Singhvi, said: “We commenced the year on a fair footing as our first 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 the company has experienced improved yield from its sugar cane plantations and continues to partner with its out-growers for the supply of sugar cane for production.
According to him, the company has continued on the growth path, mitigating some of the adverse impacts of the worsening traffic gridlock in Apapa and other macroeconomic headwinds amidst protracted socio-economic uncertainties occasioned by the COVID-19 pandemic and heightened insecurity during the quarter under review.
He assured stakeholders that the company would remain committed to the implementation of the ‘Dangote Sugar for Nigeria’ master plan, even as it would continue to pursue backward integration projects.
Dangote Sugar Refinery is a producer of household and commercial sugar with 1.44M MT refining capacity at the same location. The company refines raw sugar imported from Brazil to white, Vitamin A fortified refined granulated white sugar suitable for household and industrial uses.
Source :The Guardian
