Dangote Sugar reports N11.95bn profit for Q1

Dangote Sugar Refinery has reported profit before tax of N11.95 billion for the three months ended March 31, 2021, representing an increase of 25.6 per cent compared to   N9.5bn posted in the corresponding period in 2020.

According to the company’s unaudited financial reports for the period under review, profit after taxation increased by 30.3% to N8.30bn in contrast to N6.37bn recorded in 2020.

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Group sales volume increased in the quarter by 5.7% to 200,510 tons attributable to sustained efforts to drive customer base expansion.

According to the result, the group revenue increased to N67.39bn indicating an increase of 41.5% over N47.64 bn. Growth in revenue advanced ahead of volume growth due to pricing benefits.

Commenting on the company’s 1st quarter 2021 performance, the Group Managing Director/CEO, Ravindra Singhvi said: “We commenced the year on a fair footing as our refineries in Apapa and Numan continue to operate ensuring the health and safety protocols are upheld and our commitment to the environment is sustained.

We remain committed to the implementation of the ‘Dangote Sugar for Nigeria’ Master plan as we continue to pursue our Backward Integration Projects.”