Dangote Sugar Refinery
(DSR) has announced a profit before tax (PBT) of N11.1 billion for the six
months ended June 30, 2016.
This is contained in a
statement issued by the company on Friday in Lagos.
The statement showed
that the PBT increased by 13.3 per cent compared with N9.8 billion posted in
the preceding period of 2015.
The sugar group
recorded a profit after tax (PAT) of N7.4 billion against N6.3 billion recorded
in the corresponding period, indicating an increase of 17.5 per cent.
Its group revenue
increased by 37.86 per cent to ₦70.5 billion compared with ₦51.1 billion in
2015, reflecting an increase in sales volumes during the period.
Gross profit increased
by 9.57 per cent to N13.9 billion in contrast with N12.7 billion achieved in
the preceding period.
Mr Abdullahi Sule, the
company's acting Group Managing Director, said the result was impressive when
compared with challenges being faced in the economy.
“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," Sule said.
"Our focus for the
remainder of 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.
The various operational
and economic challenges we were faced with during the period under review
notwithstanding, the overall performance shows an improved outlook for the
period," he said.
Sule attributed the
increase in the company's operating cost to the devaluation of the naira.
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