Nigeria’s largest sugar refinery, Dangote Sugar Refinery Plc, has recorded a profit before tax (PBT) of N29.73 billion for the half year ended June 30, 2022. According to the refiner’s unaudited results posted on the portals of the Nigerian Exchange, PBT rose by N10.97 billon compared to N18.76 billion recorded at the corresponding period in 2021. Review of the results indicated that profit after tax (PAT) rose by N7.63 billion, to N20.24 billion in contrast to N12.61 billion in the 2021 half year. Revenue was up by N53.51 billion, increasing to N185.46 billion compared to N131.95 billion at the same period last year.
Gross profit maintained the same upswing, rising from N28.60 billion to N38.82 billion. Group Managing Director, Dangote Sugar Refinery Plc, Ravindra Singhvi, in his remarks, attributed the positive results to key trade interventions introduced during the year and positive market responses.
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.” 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.