Dangote Sugar Refinery has reported a profit before tax of N11.95 billion for the three months ended March 31, 2021.
According to the company’s unaudited financial reports for the period under review, the amount represents an increase of 25.6 per cent compared to N9.5 billion posted in the corresponding period in 2020.
Profit after taxation for the period increased by 30.3 per cent to N8.30 billion in contrast to N6.37 billion recorded in 2020, reflecting management’s unrelenting drive to deliver consistent shareholder value.
Group sales volume increased in the quarter by 5.7 per cent to 200,510 tonnes. Growth in sales volume is attributable to sustained efforts to drive customer base expansion, several trade initiatives, and investments. Group production volume also increased by 4.3 per cent to 200,783 tonnes compared to 192,584 tonnes in 2020. The increase came from operations optimization strategy despite the challenges of the Apapa traffic situation.
According to the result, Group revenue increased to N67.39 billion indicating an increase of 41.5 per cent over N47.64 billion.
Commenting on the Company’s 1st quarter 2021 performance, the Group Managing Director/CEO, Ravindra Singhvi said, “We commenced the year on a fair footing as our 1st quarter 2021 financial results show our commitment to delighting our customers and consumers with high-quality products and delivering value for all stakeholders. The health and safety of our people and partners remain our priority. Our refineries in Apapa and Numan continue to operate ensuring the health and safety protocols are upheld and our commitment to the environment is sustained.”
He added that amidst the protracted socio-economic uncertainties occasioned by the COVID-19 pandemic and heightened insecurity during the quarter under review, the sugar company continued on the growth path, as the talented and dedicated team had enabled mitigation of some of the adverse impacts of the worsening traffic gridlock in Apapa and other macroeconomic headwinds.
“We remain committed to the implementation of the ‘Dangote Sugar for Nigeria’ Master plan as we continue to pursue our Backward Integration Projects,” Singhvi said.