DANGSUGAR Declares N17.10 billion PAT inQ2'17 Result,(SP:N10.86k)


Friday, July 28, 2017 3:55 PM /NSE


Dangote Sugar Refinery PLC (Bloomberg: DANGSUGA-NL), Nigeria’s largest sugar producer, announces unaudited Group results for the six months ended 30 June, 2017.

Financial highlights

·         Group revenue increased to
118.7billion (2016: N70.47bn)

·         Gross profit increased  to
26.89billion (2016: N13.92bn)

·         EBITDA increased to
27.06billion (2016: N12.89bn)

·         Profit before tax increased 126% to
25.25billion (2016: N11.16bn)

·         Profit after tax increased to N17.10billion (2016: N7.38bn)

·         Proposed Half Year Dividend of N0.50 (2016: N0.00)

Operating highlights

·         Group Sugar sales volume 360,416tones (2016:434,885tonnes)

·         Group production volume 367,519tones (2016: 416,209tonnes)

·         Apapa Refinery production volume 351,714 tonnes(2016:403,514tonnes)

·         Apapa Refinery sales volume 350,855 tones (2016:422,488tonnes)

·         Savannah production 15,805tonnes (2016: 12,695 tonnes)

·         Savannah sales volume 9,561 tones (2016:12,397 tonnes)

Commenting on the performance, the Acting Group Managing Director, Engr. Abdullahi Sule, said:
“The outlook for the remaining quarters of the year remains promising despite the various economic challenges in the country.

Our focus remains increasing our local market share to reinforce Dangote Sugar’s position as Nigeria’s leading producer, and achieving
our backward integration sugar production plans, as Nigeria continues in its quest to achieve self-sufficiency.

Our greater growth strategy “Sugar for Nigeria” continues to gain momentum; the rehabilitation and expansion of Savannah Sugar is
well underway, while the MOU for the 60,000ha Tunga Sugar Project have been signed. We have continued towards overcoming every challenge we are being faced with in the realization of our backward integration plans.”

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