Dangote Sugar Refinery Plc has stated that it posted a gross revenue of N115.3 billion for the nine months ended September 30 2016.
The unaudited third quarter (Q3) results released at the weekend on the floor of the Nigerian Stock Exchange (NSE), reveals that the earnings for the period indicates a 58 percent leap over N78 billion gross earnings in the corresponding period of 2015.
A breakdown of the results shows a positive uptrend of the gross profit to N19 billion compared to N18.7 billion in 2015 representing a 1.2 percent increase.
Consequently, profit before tax rose from N14.2 billion to N15.3 billion while profit after tax grew from N9.3 billion to N10.1 billion.
Comenting on the company’s performance, the Acting Group Managing Director, Dangote Sugar, Engr. Abdullahi Sule, said “Despite the continued challenges in the economic and business environment, orchestrated by the continued rise in inflation, insufficient foreign exchange to finance raw materials and equipment inputs, our revenue grew by 58.0 percent over the corresponding period in year 2015.”
“We continued with efforts at actualising our sugar Backward Integration Master Plan with focus on Savannah Sugar, Lau/Tau and other project sites in the first phase of the project.
“We remain resilient and optimistic that our set goals will be achieved with the continued implementation and review of our initiatives to grow sales volumes, increase our market share, and focus on the actualization of our “Sugar for Nigeria” backward integration projects plan.”
Dangote Sugar is Nigeria’s largest producer of household and commercial sugar with 1.44 million tonnes of refining capacity, with the ability to supply most of the country through an extensive network of distributors.
The refinery at Apapa imports raw sugar from Brazil and refines it into white, Vitamin A fortified sugar suitable for household and industrial uses.
Its Savannah cane sugar factory located near Numan, in Adamawa State has an installed factory capacity of 50,000 tonnes. Covering 32,000 hectares in extent, the Savannah estate has considerable opportunity for expansion which is underway.
Dangote Sugar says its strategy is to become a global force in sugar production, working within Nigeria’s National Sugar Master Plan to end importation and sell more than 1.5 million metric tonnes of locally produced sugar in Nigeria and neighbouring countries.