Nigeria’s largest sugar refinery, Dangote Sugar Refinery Plc has recorded a profit before tax (PBT) of N29.73 billion; for the half year ended June 30, 2022.
According to the refiner’s unaudited results posted on the portals of the Nigerian Exchange. PBT rose by N10.97 billion compared to N18.76 billion recorded at the corresponding period in 2021.
Review of the results indicated that profit after tax (PAT) rose by N7.63 billion, to N20.24 billion in contrast to N12.61 billion in the 2021 half year. Revenue was up by N53.51 billion, increasing to N185.46 billion compared to N131.95 billion at the same period last year. Gross profit maintained the same upswing, rising from N28.60 billion to N38.82 billion.
Group managing director, Dangote Sugar Refinery Plc, Ravindra Singhvi in his remarks attributed the positive results in the half year to key trade interventions introduced during the year and positive market responses.
The key focus is of the sugar refiner is achievement of the Dangote Sugar Backward Integration Projects targets and put Nigeria on the path of sugar self-sufficiency and the world sugar map.