Dangote Sugar Plc has disclosed that the group’s production volume increased by 9.2 percent to 811,962 tonnes at the end of the financial year ended December 31, 2021, in contrast to 743,858 tonnes, in the corresponding period of 2020.
The firm achieved the volume on the strength of improved operational efficiency despite the adverse impact of the perennial Apapa traffic gridlock situation.
The company, however, recorded a gross profit of N50.21 billion and profit after taxation of N22.05 billion.
The reported group’s revenue of N276.50 billion for the full year represents an increase of 28.8 per cent over N214.30 billion recorded in the year 2020. The company also recorded an increase in Group sales volume, which rose by 5.7 per cent to 773,341 tonnes compared to 731,701 tonnes in 2020.
Dangote Sugar Refinery in its 2021 audited results stated that growth in 2021 was supported by the positive market responses to key trade interventions introduced during the year. Group production volume increased by 9.2 percent to 811,962 tonnes in contrast to 743,858 tonnes and was achieved on the strength of improved operational efficiency despite the adverse impact of the perennial Apapa traffic gridlock situation. The company recorded a gross profit of N50.21 billion and profit after taxation of N22.05 billion.
Group managing director, Dangote Sugar Refinery, Ravindra Singhvi, in his remarks said: “Our impressive performance in the year demonstrates our resilience in the face of prevalent challenges, which rightly reflected in strong topline growth shown in the financial results.
“During the year under review, we concluded the integration of our new 50kg packaging for the fortified and non-fortified sugar bags in the market. This refreshed our brand personality and led to a deeper connection to the Dangote Sugar brand among our valued customers and consumers, whilst sustaining our market presence and leadership with the product quality.
“We also continued our sustainability journey with the inclusion of United Nations Goal 13 to the Dangote Sugar Strategic Priority SGDs 2, 4, 6, 8 and 12 to ensure we contribute and make a meaningful impact to the society. Our Supply Chain Management process is being certified to ISO 40200 (Sustainable Procurement), and Bonsucro Certification is in view”.
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate