Dangote Sugar posts N19b gross profit in Q3
Dangote Sugar has announced gross revenue of N115.3 billion for the nine months that ended September 30, 2016 against N78 billion achieved in the corresponding period in 2015
According to the unaudited third quarter result released on the floor of the Nigerian Stock Exchange (NSE), the earnings for the period indicates a 58 per cent rise over N78 billion recorded in the corresponding period in 2015.
The firm’s gross profit rose to N19 billion compared to N18.7 billion in 2015 representing an increase of 1.2 per cent while Profit After Tax grew from N9.3 billion to N10.1 billion.
Speaking on the performance, the Acting Group Managing Director, Dangote Sugar, Engr. Abdullahi Sule, said: “Despite the continued challenges in the economic and business environment, orchestrated by the continued rise in inflation, insufficient foreign exchange to finance raw materials and equipment inputs, our revenue grew by 58.0 percent over the corresponding period in year 2015.”
He explained that the firm continued with efforts at actualising its sugar backward integration master plan with focus on savannah sugar, Lau/Tau and other project sites in the first phase of the project.
“We remain resilient and optimistic that our set goals will be achieved with the continued implementation and review of our initiatives to grow sales volumes, increase our market share, and focus on the actualisation of our “Sugar for Nigeria” backward integration projects plan.”
“Dangote Sugar is Nigeria’s largest producer of household and commercial sugar with 1.44 million tones of refining capacity, with the ability to supply most of the country through an extensive network of distributors.
“The refinery at Apapa imports raw sugar from Brazil and refines it into white, Vitamin A fortified sugar suitable for household and industrial uses.”
He noted that the savannah cane sugar factory located near Numan, in Adamawa state has an installed factory capacity of 50,000 tonnes, covering 32,000 hectares in extent, adding that it has considerable opportunity for expansion, which is underway.