First Quarter: Dangote Sugar Refinery Posts N12bn Profit thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.
Group sales volume increased in the quarter by 5.7% to 200,510 tons attributable to sustained efforts to drive customer base expansion.
According to the result, the group revenue increased to N67.39bn indicating an increase of 41.5% over N47.64 bn. Growth in revenue advanced ahead of volume growth due to pricing benefits.
Commenting on the company’s 1st quarter 2021 performance, the Group Managing Director/CEO, Ravindra Singhvi said: “We commenced the year on a fair footing as our refineries in Apapa and Numan continue to operate ensuring the health and safety protocols are upheld and our commitment to the environment is sustained.
We remain committed to the implementation of the ‘Dangote Sugar for Nigeria’ Master plan as we continue to pursue our Backward Integration Projects.”
One of Nigeria’s largest Sugar manufacturers, Dangote Sugar revealed it increased prices in the first quarter of 2021 to mitigate the problems of rising inflation and depreciation.
In a note to investors, the company revealed its recent 41.5% surge in revenues was due to an increase in sales volume as well as an uptick in price. In the first quarter of 2021, Dangote Sugar posted a revenue of N67.39 billion compared to N47.6 billion, the same period in 2020. The increase in price was driven by 5.7% pop in sales volume as the company sold 200,510 tonnes of sugar in the quarter compared to 189, 724 the same period in 2020.
The company s Group Managing Director/Chief Executive Officer, Mr Ravindra Singhvi, disclosed this in an unaudited financial reports released by the Nigerian Exchange (NGX) Ltd. in Lagos. Singhvi said the profit after tax during the period increased by 30.3 per cent to N8.30 billion in contrast to N6.37 billion in the comparative period of 2020 He said that the results were a reflection of the company s unrelenting drive to deliver consistent shareholder value. According to him, group sales volume in the quarter rose by 5.7 per cent to 200,510 tonnes. Singhvi attributed the growth in sales volume to sustained efforts to drive customer base expansion, several trade initiatives, and investments.
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Dangote Sugar Refinery PLC (DSR) has reacted to what it described as an online publication claiming that the company is engaging in price-fixing and is not honestly engaged in any Backward Integration Programme,as claimed.
In a statement on Thursday, Dangote Sugar vehemently refuted the allegations and assertions in their entirety.The statement further said the false allegations are geared at tarnishing the good name and brand of Dangote Sugar Refinery Plc and Dangote Industries Limited.
“DSR does not engage in artificial price manipulation of its products, either during the Holy month of Ramadan or at any other time. We have never ever increased price of our food items or commodities during the Holy month of Ramadan in the history of our operations” according to the Group Managing Director, Mr. Ravindra Singhvi.