Dangote Sugar Nets N29.73 Billion Profit in Half Year Results

Dangote Sugar Nets N29.73 Billion Profit in Half Year Results

  • It was all smiles for Dangote Sugar investors as the company posted strong figures in its half year results
  • The company netted N29.73 profit after tax which the company stated that it was due to a favourable sentiment from investors
  • The firm has been embarking on a backward sugar integration programme to support the economic growth of its host communities

It was all joy for Dangote Sugar investors as Nigeria’s largest sugar refinery recorded a profit before tax of N29.73 billion for the half year ended June 30, 2022.

The audited results of the company which were posted on the portals of the Nigerian Stock Exchange saw the company’s profit increase by N10.97 billion in comparison to N18.76 billion recorded in the same period in 2021.

Dangote, Aliko, Dangote Sugar
Chairman of Dangote Group, Aliko Dangote Credit: Bloomberg/Contributor
Source: UGC

Sugar Refinery showing strong sentiments

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A review of the results indicates that profit after tax increased by N7.63 billion to N20.24 billion against N12.61 billion in the same period of 2021. The company’s revenue went up by N55.51 billion, which increased to N185.46 billion in comparison to N131.95 billion at the same time last year, while profit stayed the same, increasing from N28.60 billion to N38.82 billion.

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Nairametrics reports that the company’s managing director, Ravindra Singgvi in his statement said the positive results in the half year were due to trade interventions brought in during the year and also favourable market responses.

According to him, the company’s impressive performance shows its resilience in the presence of prevalent challenges which showed in the strong topline growth shown in the firm’s financial results.

Dangote Sugar Refinery has continued to execute its sugar integration project plans and the enhancement of its Outgrowers Scheme to support the economic growth of the immediate communities.

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Dangote Cement shares surge, investors given buyback opportunities

Legit.ng reported that the share owners of Dangote Cement were all smiles on Wednesday, January 11 as the company announced that the shares of the leading cement maker has hit N275 per share.

Also, the company offered its shareholders the buyback choice, which will take on January 19, 2022, and will last for two days.

Nairametrics reports that the shares appreciated by 6.18 per cent and closed at N275, shoring up the market cap up from N4.41 trillion to N4.69 trillion.

Source: Legit.ng

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