Dangote Sugar Refinery posts profit of N15.3b in nine months

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Dangote Sugar Refinery (DSR) Plc leveraged on significant growth in sales to sustain a modest growth in profitability in the third quarter.

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Key extracts of the interim report and accounts of DSR for the third quarter ended September 30, 2016 showed that gross earnings rose by 58 per cent to N115.3 billion in third quarter 2016 as against N78 billion recorded in comparable period of 2015. Gross profit rose by 1.2 per cent to N19 billion compared with N18.7 billion. Profit before tax increased from N14.2 billion to N15.3 billion while profit after tax rose from N9.3 billion in third quarter 2015 to N10.1 billion in third quarter 2016.

Acting group managing director, Dangote Sugar Refinery (DSR) Plc, Engr. Abdullahi Sule, said  the company has remained resilient in spite of the continued challenges in the economic and business environment.

According to him, the company has continued with efforts at actualising its sugar backward integration master plan with focus on Savannah Sugar, Lau/Tau and other project sites in the first phase of the project.

“We remain resilient and optimistic that our set goals will be achieved with the continued implementation and review of our initiatives to grow sales volumes, increase our market share, and focus on the actualisation of our “Sugar for Nigeria” backward integration projects plan,” Sule said.

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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