The Dangote Sugar Refinery says it has recorded a gross profit of N50.21 billion and profit-after-tax of N22.05 billion at the close of 2021.
The company also recorded revenue of N276.50 billion for the year, representing an increase of 28.8 percent over N214.30 billion recorded in the year 2020.
The group’s production volume also increased by 9.2 percent to 811,962 tonnes in contrast to 743,858 tonnes in the corresponding period of 2020, a statement by the management made available to Persecondnews.com disclosed.
The volume was said to be achieved on the strength of improved operational efficiency despite the adverse impact of the perennial Apapa traffic gridlock situation.
Dangote Sugar Refinery in its 2021 audited results stated that growth in 2021 was supported by the positive market responses to key trade interventions introduced during the year.
In his remarks, the Group Managing Director, Dangote Sugar Refinery, Ravindra Singhv, said: “Our impressive performance in the year demonstrates our resilience in the face of prevalent challenges, which rightly reflected in strong top line growth shown in the financial results.
“During the year under review, we concluded integration of our new 50kg packaging for the fortified and non-fortified sugar bags in the market.
“This refreshed our brand personality and led to a deeper connection to the Dangote Sugar brand among our valued customers and consumers, whilst sustaining our market presence and leadership with the product quality.
“We also continued our sustainability journey with the inclusion of United Nations Goal 13 to the Dangote Sugar Strategic Priority SGDs 2, 4, 6, 8 and 12 to ensure we contribute and make meaningful impact to the society.
“Our Supply Chain Management process is being certified to ISO 40200 (Sustainable Procurement), and Bonsucro Certification is in view.”