Dangote Sugar Refinery Plc, one of the commodity manufacturing companies listed on the Nigerian Exchange, on Tuesday reported a Profit Before Tax (PBT) of N29.73 billion in the half year ended June 30, 2022.
The company made this disclosure in a statement signed by the Group Head, Corporate Communications, Dangote Group, Mr. Anthony Chiejina.
According to the statement, the company’s PBT for the half year in review increased by N10.97 billon or 58.47 percent when compared with N18.76 billion posted in the corresponding period in 2021.
Also, the company’s profit after tax (PAT) of N20.24 billion was higher by 60.51 percent when compared with the N12.61 billion recorded in half year 2021 while its revenue increased by N53.51 billion or 40.55 per cent to N185.46 billion against N131.95 billion recorded in the corresponding period of last year.
A further analysis of the financial results showed that the company’s gross profit sustained the same upswing, rising to N38.82 billion from N28.60 billion in 2021.
Speaking on the financial results, the company’s Group Managing Director, Mr. Ravindra Singhvi, attributed the positive results in the half year to key trade interventions introduced during the period and positive market responses.
Singhvi further explained that the impressive performance in the period demonstrated the company’s resilience in the face of prevalent challenges, which reflected in strong topline growth reflected in the financial results.
According to him, the company has sustained the implementation of its sugar backward integration projects plans and the enhancement of its out-growers scheme to support the economic growth of the immediate communities.
