Dangote Sugar Refinery Plc reported a profit before tax (PBT) of N82.3 billion for the fiscal year ended December 31, 2022.
This was disclosed in the company’s annual report, which was signed on Friday in Lagos by Mr Anthony Chiejina, Dangote Group’s Chief Corporate Communications Officer.
According to the company, this translates to a 142 percent increase to N48.28 billion over the N34 billion recorded in the same period in 2021.
According to the sugar company’s annual report, profit after tax increased to N54.74 billion, representing a 148 percent increase to N32.69 billion from N22.05 billion in the same period in 2021.
The report stated that all the performance indicators were on the upswing as its revenue rose by 45 percent, 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 percent.
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 indigenous sugar refinery continues to scale up its investments in line with the requirement of the Nigeria Sugar Master Plan (NSMP).
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.