Billionaire Dangote Sugar declares N82.3bn profit

Dangote Sugar Refinery Plc has reported a Profit Before Tax, PBT, of N82.3 billion for the year ended Dec. 31, 2022.

The company made this known in its annual report on Friday in Lagos signed by Mr Anthony Chiejina, Chief Corporate Communications Officer, Dangote Group.

This, the company said, translates to an increase of 142 per cent to N48.28 billion over N34 billion recorded in the corresponding period in 2021.

According to the annual report of the sugar company, profit after tax rose to N54.74 billion, representing an increase of 148 per cent to N32.69 billion compared to N22.05 billion posted in the same period in 2021.

The report stated that all the performance indicators were on the upswing as its revenue rose by 45 per cent, from N278.05 billion to N403.25 billion.

Also, the company’s earnings per share rose from 182K per share to 451k per share, an increase of 269k or 148 per cent.

The report quoted the Chairman of the company, Mr Aliko Dangote, who said that increasing the sugar refining capacity would require a corresponding increase in sugarcane production capacity.

Dangote revealed 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.

He added that the company had doubled its scholarship and empowerment schemes in its host communities and would continue to introduce more initiatives to support the communities.

“Through these initiatives and our numerous Corporate Social Responsibility (CSR) activities, the company will be able to touch the lives of the people, bringing social, economic, and infrastructural development to our host communities.

“We are thus committing over $700 million to our investment in the Backward Integration Programme (BIP) to enable us to put in place needed infrastructure for the eventual commencement of full-scale production,” he said.

He promised that the sugar company would change the trajectory by making Nigeria self-sufficient in the sector.

The News Agency of Nigeria reports that the indigenous sugar refinery continues to scale up its investments in line with the requirement of the Nigeria Sugar Master Plan, NSMP.

The Dangote Sugar Refinery has expanded its refining capacity from 3,000 tonnes of cane per day (tcd) to 6,000 tcd, and to 9,800 tcd.