Dangote Sugar records 42.2% growth in revenue

Dangote Sugar Refinery Plc recorded revenue of N115.253 billion for the nine months operations in 2016. This represents a growth of N42.21 billion 57.78 per cent compared with N73.046 reported in the preceding year but a surge of N14.196 billion against N101.057 billion posted at the end of 2015 financial year. The company gross profit grew from N18.767 billion in the previous year to N19 billion in 2016 while operating profit down from N15.105 billion to N14.722 billion within the period under review. The company result released by Nigeria Stock Exchange showed that profit before tax moved from N14.234 billion in the preceding year to N15.318 billion while profit for the year which stood at N8.335 billion in the comparable period of 2015 grew to N10.117 billion.

An analysis of the company result showed that current assets grew from N38.870 billion posted in the previous year to N64.074 billion, representing a surge of N25.204 billion or 64.84 per cent. It went up by N20.908 billion or 48.44 per cent compared with N43.166 billion recorded by the company at the end of 2015 financial year. Non current assets took upward trend to N58.592 billion from N56.314 billion while total assets moved to N122.666  billion from N93.185 in the corresponding period of 2015. Total liabilities grew from N37.236 billion to N60.40 billion.