Dangote Sugar Refinery (DSR) Plc recorded a well-rounded performance in the first half with considerable growths in sales and profit
The six-month report for the period ended June 30 2022 showed that profit before tax rose to N29.73 billion in first half of the year as against N18.76 billion recorded in the corresponding period of 2021. Profit after tax also rose to N20.24 billion as against N12.61 billion in first half 2021. Total turnover jumped to N185.46 billion in first half 2022 compared with N131.95 billion in corresponding period of 2021. Gross profit maintained the same upswing, rising from N28.60 billion to N38.82 billion.
Group Managing Director, Dangote Sugar Refinery Plc, Ravindra Singhvi attributed the positive results in the half year to key trade interventions introduced during the year and positive market responses.
He said the impressive performance in the half year demonstrated the group’s resilience in the face of prevalent challenges, which rightly reflected in strong topline growth shown in the financial results.
He noted that Dangote Sugar Refinery has continued to implement its sugar backward integration projects plans and the enhancement of its outgrowers scheme to support the economic growth of the immediate communities.
He pointed out that the aim was to develop a robust outgrower scheme with about 5,000 outgrowers when the projects have fully taken off, in addition to the achievement of other targets of its Sugar for Nigeria Project plan.
According to him, 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.
He assured that employees’ health and safety as well as that of its partners remains a top priority at the company’s operations at its different facilities including its Apapa Refinery, Sugar Backward Integration Operations in Numan, Adamawa State and Tunga, Nasarawa State.
He noted that the company’s processes were in compliance with stipulated health and safety protocols.
Dangote Sugar Refinery is Nigeria’s largest producer of household and commercial sugar with 1.44M MT refining capacity at the same location, refines raw sugar imported from Brazil to white, Vitamin A fortified refined granulated white sugar suitable for household and industrial uses.