BusinessDangote Sugar records N131.95bn revenue in 6 months

Dangote Sugar records N131.95bn revenue in 6 months

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Dangote Sugar records N131.95bn revenue
Dangote Sugar records N131.95bn revenue

Dangote Sugar Refinery has posted N131.95 billion revenue in its unaudited financial results for the half-year (H1) ended June 30, 2021.

The Group Managing Director/CEO of the refinery, Ravindra Singhvi, made the disclosure in a statement on Sunday.

The company’s revenue rose by 27.8 percent in contrast to N103.23 billion recorded in the comparative period of 2020, showing strong improvements in performance indices.

Also, Gross Profit grew by 37.3 per cent to N28.59 billion compared to N20.82 billion recorded in the corresponding period of 2020, due to better top-line performance.

Group sales volume increased to 388,589 tonnes while production volume also increased by 7.6 per cent to 403, 846 tonnes driven by operations optimization drive.

“We commenced the year on a strong footing with an impressive performance in the first half as the financial results have shown, with a stronger Q1 top-line growth and a robust Q2 top-line growth year on year.

“During the period under review we launched our new packaging designs for the 50kg fortified and non-fortified sugar bags with the theme: ‘Dangote Sugar has a new look…. Same Great Quality.

“The theme reaffirms the quality of our product and inspires a deeper connection to the Dangote Sugar brand among our valued customers and consumers, whilst refreshing our market presence as the leading sugar brand in Nigeria, ” Singhvi said.

Singhvi also said that the company, as part of its supply chain management sustainability journey, continued to enhance its out-growers scheme.

“The technical and agriculture support provided for them over time has led to the improved yield from our out-growers sugarcane farms at the Numan Sugar Estate.

“This effort will be sustained to ensure the socio-economic growth of our immediate communities and improved sugar cane supply for production.

“The team is committed to navigating the second half of the year, keeping the health and safety of our people and partners as a top priority.

“Our Refinery in Apapa and Backward Integration Operations in Numan, Adamawa State, and Tunga, Nasarawa State continue to operate in compliance with our health and safety protocols while ensuring our commitment to the environment and sustainable business practices are maintained.”

According to Singhvi, the recurrent challenges with Apapa traffic gridlock persisted during the first half of the year but expressed optimism that the truck call-up system will address the situation.

He explained that the achievement of the Dangote Sugar Backward Integration Projects targets remains the focus.

“We are resolute and will continue in our quest to put Nigeria on the path of sugar self-sufficiency and on the world sugar map,” he added.

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