Dangote Sugar profit rises 142% to N82.3bn

Dangote Sugar Refinery (DSR) Plc has reported a Profit Before Tax (PBT) of N82.3 billion in the year ended December 31, 2022, indicating an increase of 142 percent against N34.billion recorded in the corresponding period in 2021. 

According to the annual report of the company, all the performance indicators were on the upswing as revenue rose by 45 percent, to N403.25 billion from N278.05 billion while earnings per share rose to 451 kobo per share from 182 kobo per share, an increase of 269 kobo  or 148 percent.  

Meanwhile, DSR is significantly scaling up its investment in the sugar sub-sector in line with the requirement of the Nigeria Sugar Master Plan (NSMP).

Chairman of the company, Aliko Dangote, noted that increasing the sugar refining capacity would require a corresponding increase in sugarcane production capacity.

Dangote stated that the company had concluded plans to increase its sugar plantation from the current land area under cane production of about 8,700 hectares in 2022 to about 24,200 hectares within the next seven years.

-vanguard