Dangote Sugar Posts N26.5b Profit in 9 Months as EPS Grows 163%

By Modupe Gbadeyanka

The management of Dangote Sugar has released the company’s earnings in the first nine months of this year.

The sugar refiner revealed that it grew its profit after tax to N26.5 billion in the period under review from N10.1 billion recorded in the corresponding period of last year.

Also, the company reported a profit before tax of N39.3 billion as at September 30, 2017 compared with N15.3 billion it declared as at September 30, 2016.

Furthermore, Dangote Sugar grew its revenue for the period to N163 billion from N115.3 billion a year ago.

In the financial results, the firm said its gross profit increased for the period to N41.5 billion from N19 billion recorded last year as a result of different strategies the management put in place to save cost.

In addition, the operating profit stood at N36.4 billion as at September 30, 2017, in contrast to N14.7 billion as at September 30, 2016.

Business Post observed from the financial statements that Dangote Sugar grew its earnings per share (EPS) by 163 percent.

Specifically, the EPS increased to N2.21k as at September 30, 2017 from 84k in the corresponding period of last year.