Overall, pre-tax profit was higher by 36.3 per cent year-on-year to N18.53 billion in Q1, 2023. Following a tax expense of N5.73 billion, profit after tax grew by 44.3 per cent to N12.80 billion in Q1, 2023.
“We are going to play our part in ensuring that Nigeria becomes self-sufficient in sugar within a very short period. We are not the only players, but we will surely play our part. We should be able to produce over 170,000 tonnes which are by far, in the history of Nigeria, the highest to be produced locally.”
Dangote further said, during the year under review, the first phase of the Sugar Master Plan implementation period came to an end and that the federal government approved the second phase over the next 10 years, saying, this extension came on the back of the review of the first phase by the National Sugar Development Council and other government parastatals with cognisance of the challenges and several circumstances that were unforeseen which riddled the first phase of the programme.
He stated that, “steady progress is now being made as the Company continues the rehabilitation and expansion project at Dangote Sugar, Numan, and development activities at the Nasarawa Sugar Company Limited, Tunga, saying that the Board and Management remains resolute and committed to ensuring a sustainable future for the business with the Dangote Sugar Master Plan.
Also, Group chief finance officer of Dangote Sugar Refinery, Oscar Mbeche said that “in 2022, the company recorded another impressive year of financial performance and achieved growth over 2021 financial performance. Sales volume grew by 10 per cent complimented by higher prices, contributed to revenue growth in 2022 by 46 per cent from N276.1 billion to N403.2 billion.