Dangote Sugar Grows 2016 Revenue by 68% to N170b

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By Modupe Gbadeyanka

Despite the economic situation recorded in Nigeria in 2016, Dangote Sugar grew its revenue for the year by 68 percent.

This information was made available by the company in its financial statements released to the Nigerian Stock Exchange (NSE).

In the results browsed through by Business Post, it was observed that Dangote Sugar made a total of N170 billion as revenue for the year ended December 31, 2016, compared with N101.1 billion achieved 12 months earlier.

During the year under review, the sugar refinery firm declared a profit before tax of N19.6 billion in contrast to N16.2 billion posted in 2015.

Also, its profit after tax for the year stood at N14.4 billion against N11.2 billion the company declared a year before. This was after it paid the sum of N5.2 billion as tax versus N5.01 billion it paid in 2015.

During the year, the company’s total assets increased to N178.4 billion from N102.2 billion posted in 2015.

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