Dangote Sugar Refinery has posted N131.95 billion revenue in its unaudited financial results for the half year (H1) ended June 30, 2021.
The Group Managing Director/CEO of the refinery, Ravindra Singhvi, made the disclosure in a statement on Sunday.
The company’s revenue rose by 27.8 per cent in contrast to N103.23 billion recorded in the comparative period of 2020, showing a strong improvements in performance indices.
Also, Gross Profit grew by 37.3 per cent to N28.59 billion compared to N20.82 billion recorded in the corresponding period of 2020, due to better top line performance.
Group sales volume increased to 388,589 tonnes while production volume also increased by 7.6 per cent to 403, 846 tonnes driven by operations optimization drive.
“We commenced the year on a strong footing with impressive performance in first half as the financial results have shown, with a stronger Q1 top line growth and a robust Q2 top line growth year on year.
“During the period under review we launched our new packaging designs for the 50kg fortified and non-fortified sugar bags with the theme: ‘Dangote Sugar has a new look…. Same Great Quality’.
“The theme reaffirms the quality of our product and inspires a deeper connection to the Dangote Sugar brand among our valued customers and consumers, whilst refreshing our market presence as the leading sugar brand in Nigeria, ” Singhvi said.
Singhvi also said that the company, as part of its supply chain management sustainability journey, continued to enhance its outgrowers scheme.
“The technical and agriculture support provided for them over time has led to the improved yield from our outgrowers sugarcane farms at the Numan Sugar Estate.
“This effort will be sustained to ensure the socioeconomic growth of our immediate communities and improved sugar cane supply for production.
“The team is committed to navigate the second half of the year, keeping the health and safety of our people and partners as top priority.
“Our Refinery in Apapa and Backward Integration Operations in Numan, Adamawa State and Tunga, Nasarawa State continue to operate in compliance with our health and safety protocols while ensuring our commitment to the environment and sustainable business practices are maintained.”
According to Singhvi, the recurrent challenges with Apapa traffic gridlock persisted during the first half of the year but expressed optimism that the truck call up system will address the situation.
He explained that the achievement of the Dangote Sugar Backward Integration Projects targets remains the focus.
“We are resolute and will continue in our quest to put Nigeria on the path of sugar self-sufficiency and on the world sugar map,” he added.
Also, Dangote Cement posted a Profit After Tax (PAT) of N191.6 billion, after a tax charge of N89.6 billion in its unaudited results for the half year ending on June 30.
The Group Managing Director, Dangote Cement, Mr Michel Puchercos, said this in a statement on Sunday in Lagos.
Puchercos said that the company’s resilient results for the six months ending on June 30, was as a result of the group sales volumes which hit 15.3Mt.
“In the period under review, Nigerian operations of the company accounted for a sales volume of 9.87 Mt, while pan African operations contributed the balance of 5.5Mt.
“The increase in sales volume was supported by an increase in housing infrastructure and commercial construction.
“We are pleased to report a solid set of the good results for the first half of the year.
“Our performance reflects the strong demand across the group, with increases in revenue and profitability, compared to the same period last year,” he said.
Pucheros added:“This strong intrinsic performance is magnified by the lower Q2 2020 results because of COVID-19.
“The growth trend continues, and we are focused on meeting the strong market demand across all our countries of operation.”
According to him, the company will continue to maintain a strong focus on health and safety measures in all our engagements with stakeholders.
“We have learned a lot over the past year on how to mitigate risks associated with COVID-19.
“We remain committed to protecting our team members and communities by being fully compliant with local laws and regulations.
“We are improving the output of our existing and new assets and I am happy to announce that our three Mt Okpella Plant, Edo, is on track to come on stream in the next quarter,” he said.
Puchercos also said that the company’s Alternative Fuel project which focused on leveraging waste management solutions, reducing CO2 emissions and sourcing material locally was at an advanced stage, while procurement and installation of the necessary equipment across all plants was ongoing.
He added that Dangote Cement was focused on sound governance.