Group revenue soared by 37.86 percent to N70.5 billion compared to N51.1 billion in 2015, reflecting the increase in sales volumes during the period.
Gross profit surged by 9.57 percent to N13.9 billion in contrast to N12.7 billion despite higher production costs mainly driven by increased LPFO usage and currency devaluation. The unit prices for gas and LPFO were also higher than in the comparative period.
Speaking on the six months unaudited results, Acting Group Managing Director of DSR, Abdullahi Sule, said: “Despite market challenges experienced in the first quarter and operating challenges in the second quarter of 2015, we were able to grow our revenue compared to the same period in the previous year.
Our focus for the remainder on the year will be to increase sugar production at reduced conversion cost and improve distribution to match the increasing demand from our customers. Our greater growth strategy “Sugar for Nigeria” continues to gain momentum as we execute the first phase of our expansion plans.”
Dangote Sugar is Nigeria’s largest producer of household and commercial sugar with 1.44 million tonnes of refining capacity, with the ability to supply most of the country through an extensive network of distributors.
