Dangote Sugar’s profit rises 40 percent to N3.3 billion in Q1 2016

25 Apr 2016
Financial Nigeria


The company's gross revenues also rose 44.8 percent to N32.6 billion in Q1 2016.

Aliko Dangote, President and Chief Executive, Dangote Group

Dangote Sugar Refinery, the largest sugar manufacturing company in Nigeria, has reported 40.6 percent year-on-year rise in after-tax profit for the first quarter ended March 31, 2016.

According to the company’s Q1 2016 financial report released last week, after-tax profit rose to N3.3 billion as against N2.4 billion reported in Q1 2015. The company said gross revenues also rose 44.8 percent to N32.6 billion in Q1 2016 compared with N22.5 billion in Q1 of last year.

Dangote Sugar Refinery, controlled by Africa’s richest man Aliko Dangote, accounts for over 70 percent market share of the Nigerian sugar market. The company has a production capacity of 1.44 million metric tonnes of sugar per annum. It also owns 95 percent of Savannah Sugar Company, which cultivates 100,000 hectares of sugarcane in 4 states across Nigeria.

In the quarter under review, Dangote Sugar Refinery said basic per share earnings rose to N1.11 compared with 79 kobo in the corresponding period of last year.

The company’s stock rose 4.91 percent to close at N5.77 per share at the Nigerian Stock Exchange on Monday.

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