Despite a slow down in the nation’s economy, majorly occasioned coronavirus pandemic, Dangote Sugar Refinery has recorded an increase in production volume which rose by 13.7 percent to 743,858 tonnes in the financial year ended December 31, 2020, compared to 654,071 tonnes in 2019.
The sugar group also posted increase in sales’ volume which rose by 6.9 percent, from 684,487 tonnes to 731,701 tonnes.
According to the audited result released on the floor of the Nigerian Stock Exchange, the improvements were attributable to operations optimization strategy despite momentary disruption caused by civil unrest in last quarter of the year.
Growth continued to benefit from the sustained efforts to drive customer base expansion and several trade initiatives and investments.
A breakdown of the results indicated that Group revenue increased by 33 percent to N214.30 billion in contrast to N161.09 billion in 2019. Gross profit increased by 40.4 percent to N53.75 billion, compared to N38.29 billion in 2019 while Group profit after taxation for the year increased by 33.2 percent to N26.70 billion as against N22.36 billion in 2019, reflecting management’s unrelenting goal to deliver consistent shareholder value.
The Group Managing Director/Chief Executive Officer of Dangote Sugar Refinery Plc, Mr. Ravindra Singhvi, while speaking on the results, said that despite the socio-economic uncertainties occasioned by COVID-19 pandemic during the year under review, the sugar group continued on the growth path with commitments to improve o performance and generate value for all stakeholders.