Dangote Sugar reports N276.5bn revenue in 2021 — 28% increase from 2020

Dangote Sugar Refinery says it recorded N276.50 billion in revenue in 2021 — up by 28.8 percent from N214.30 billion recorded in 2020. 

According to the company, a gross profit of N50.21 billion and profit after tax of N22.05 billion were also recorded.

The company also said there was an increase in group sales volume, which rose by 5.7 percent to 773,341 tonnes, compared with 731,701 tonnes in 2020.

Production volume was also said to have gone up by 9.2 percent to 811,962 tonnes in 2021, compared with 743,858 tonnes in 2020. 

According to the company, this was achieved through improved operational efficiency despite the adverse impact of the Apapa traffic gridlock.

Dangote Sugar Refinery said the growth recorded in 2021 was supported by the positive market responses to key trade interventions introduced during the year. 

Ravindra Singhvi, group managing director, Dangote Sugar Refinery, said: “Our impressive performance in the year demonstrates our resilience in the face of prevalent challenges, which rightly reflected in strong topline 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.”