Dangote Sugar profit up 33.12% on increased production
Dangote Sugar Refinery Plc has reported a 33.12 percent increase in its profit after tax for the 2020 financial year, compared to the previous year.
The sugar group said in its audited financial statements that its after-tax profit rose to N29.78 billion last year from N22.36 billion in 2019.
It recorded an increase of 13.7 percent in production volume to 743,858 tonnes in the financial year ended Dec. 31, 2020 from 654,071 tonnes in 2019.
The company’s sales volume rose by 6.9 percent from 684,487 tonnes to 731,701 tonnes, while its revenue increased by 33 percent to N214.30 billion from N161.09 billion in 2019.
The Group Managing Director/Chief Executive Officer of Dangote Sugar Refinery Plc, Mr Ravindra Singhvi, said despite the socio-economic uncertainties occasioned by COVID-19 pandemic during the year under review, the group continued on the growth path with commitments to improve performance and generate value for all stakeholders.
He said, “Our focus on the implementation of our key strategies in the face of the several challenges posed by the COVID-19 pandemic, the peculiarities of the Apapa traffic situation, amongst others, we achieved a topline growth in revenue of N214.30 billion, a 33.0 percent increase over 2019; a 53 percent y-o-y increase in PBT, and 33.2 per cent increase in PAT.
“2020 was indeed very eventful for our company, ranging from the weak macroeconomic fundamentals caused by the underlying impact of COVID-19 pandemic which saw to the steady rise in FX rate, high inflation and the significant rise in our cost of production, to the worsening traffic gridlock on the Apapa Wharf road which led to delays and at times disruption of the distribution and deliveries to customers.”
