DANGSUGAR Records N51.1bn Revenue in H1'15; EBITDA Up by 3%

Proshare

Friday, July 24, 2015 4:50PM / Dangote Sugar Refinery Plc / Press Release


Dangote Sugar Refinery PLC (Bloomberg: DANGSUGA-NL), Nigeria’s largest sugar producer, announces unaudited Group results for the six months ended 30 June, 2015.
 

Financial highlights

  •          Group revenue up 3% to 51.1 billion (2014: N49.6)
  •          Gross profit reduced  to 12.7 billion, 24.8% margin achieved  (2014: N12.9bn)
  •          EBITDA up 3% to 11.4billion, EBITDA margin 22.3% (2014: N11.1bn)
  •          Profit before tax reduced to 9.8 billion (2014: N10.3)
  •          Profit after tax decreased to N6.3 billion (2014: N6.8)

Operating highlights

 

         Half year sugar production at Savannah 6,610 tonnes (2014: 6,245 tonnes)

         Half year Refinery production at Apapa 361,083 tonnes (2014: 423,608 tonnes)

         Group Sugar sales volume 368,026 tonnes (2014: 420,862 tonnes)

         Graham Clark resigns as Group Managing Director

 

Abdullahi Sule, Deputy Group Managing Director, said:

“Despite market challenges experienced in the first quarter and operating challenges in the second quarter of 2015, we were able to grow our revenue compared to the same period in the previous year.

Our focus for the remainder on the year will be to increase sugar production at reduced conversion cost and improve distribution to match the increasing demand from our customers.

Our greater growth strategy “Sugar for Nigeria” continues to gain momentum as we execute the first phase of our expansion plans.”

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