Dangote Sugar Refinery Plc just reported a profit before tax of N36.27 billion for the nine-month period ending September 30, 2022.
Mr Ravindra Singhvi, Group Managing Director of Dangote Sugar Refinery Plc, announced this in a report issued on Sunday in Lagos.
He stated that the company’s PBT increased by N13.17 billion compared to N23.10 billion in the same period in 2022.
According to Singhvi, profit after tax increased from N15.51 billion to N24.83 billion, while revenue increased from N195.50 billion to N288.32 billion.
He credited the period’s favorable outcomes to major trade actions implemented throughout the year and strong market responses.
He noted that the business had a PBT of N29.73 billion for the half year ended June 30, 2022, with a PAT of N20.24 billion.
“Our remarkable success in the time reflects our perseverance in the face of frequent problems,” he remarked.
Singhvi said that Dangote Sugar Refinery has continuing to execute its sugar backward integration project plans and to improve its out-growers program in order to promote the economic development of the surrounding communities.
He said that the company’s goal was to build a strong out-grower system with no less than 5,000 outgrows once the projects were fully operational.
This, he noted, was in addition to meeting other objectives of its ‘Sugar for Nigeria Project’ strategy.
“The main goal of the sugar refinery is to meet the aims of the Dangote Sugar Backward Integration Projects and to place Nigeria on the road to sugar self-sufficiency and the international sugar map.”
“The company’s activities at the Apapa Refinery, its Sugar Backward Integration Operations in Numan, Adamawa, and Tunga, Nasarawa continue to prioritize employee and partner health and safety.”
“All procedures are in accordance with the specified health and safety norms,” he said.
According to the Nigerian News Agency, Dangote Sugar Refinery is Nigeria’s biggest producer of household and commercial sugar, with a refining capacity of 1.44 million tonnes.
