Dangote Sugar Refinery Plc has reported that its profit after tax (PAT) for the nine months period ended September 30, 2022 increased to N24.83 billion, from N15.51 billion in the corresponding period of last year.
Profit before tax (PBT) for the period under review increased to N36.27 billion, being an increase of N13.17 billion from N23.10 billion posted in the corresponding period of 2021.
In a statement on Sunday, the company disclosed that revenue went up from N195.50 billion to N288.32 billion in 2022 Q3.
Group Managing Director, Dangote Sugar Refinery Plc, Mr. Ravindra Singhvi, attributed the positive results for the period to key trade interventions introduced during the year and positive market responses.
He recalled that the company recorded a PBT of N29.73 billion for the half year ended June 30, 2022 while PAT hit N20.24 billion in that period.
“Our impressive performance in the period demonstrates our resilience in the face of prevalent challenges, which rightly reflected in strong top-line growth as seen in the financial results,” he said.
Singhvi said that Dangote Sugar Refinery had continued to implement its sugar backward integration projects plans and enhance its outgrowers scheme to support the economic growth of the immediate communities.
He said the company’s aim was to develop a robust outgrower scheme with no fewer than 5,000 outgrowers when the projects have fully taken off.
This, he explained, was in addition to the achievement of other targets of its ‘Sugar for Nigeria Project’ plan.
“The key focus of the sugar refinery is achievement of the Dangote Sugar Backward Integration Projects targets and putting Nigeria on the path of sugar self-sufficiency and the world sugar map.
“Employees health and safety as well as that of its partners remains a top priority at the company’s operations at the Apapa Refinery, its Sugar Backward Integration Operations in Numan, Adamawa and Tunga, Nasarawa. All processes are in compliance with stipulated health and safety protocols.”
