Dangote Sugar, Cement record N322bn revenue in H1

Dangote Sugar Refinery and Dangote Cement have recorded N322 billion revenue in the first half (H1) of 2021.

The sugar subsidiary posted N131.95bn revenue in its unaudited financial results, according to its Group Managing Director/CEO of the refinery, Ravindra Singhvi, in a statement.

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The revenue grew by 27.8 percent compared to N103.23bn recorded in H1 2020.

The Gross Profit grew by 37.3% to N28.59bn over N20.82bn in 2020 H1 while Group sales volume increased to 388,589 tonnes and production volume rose by 7.6% to 403, 846 tonnes.

Commenting, Singhvi said, “We commenced the year on a strong footing with impressive performance in the first half as the financial results have shown, with a stronger Q1 top line growth and a robust Q2 top line growth year on year.

For Dangote Cement, it posted N191.6bn profit as Profit After Tax (PAT) of N191.6bn, after it removed a tax charge of N89.6bn.

In his remarks, the Group Managing Director, Mr Michel Puchercos, said, “In the period under review, Nigerian operations of the company accounted for a sales volume of 9.87 metric tonnes (Mt), while pan African operations contributed the balance of 5.5Mt.

“Our performance reflects the strong demand across the group, with increases in revenue and profitability, compared to the same period last year,” he said.