Dangote Sugar Plc. Posts Highest Profit in 7yrs for 9M’ 2020 resultYahya Abdulrahman
Dangote Sugar Plc. sustained its strongest momentum during 9M’2020 as it reported its highest profit in 7years at 26.63 billion, 81% higher than its 9M’2019 PAT. Revenue was also up in the period by 36.69% from 117.43 billion in 2019 to 160.51 billion in 2020. The profit jump was as a result of a combination of factors: strong revenue growth triggered by increased demand, higher tax credit, increased prices across all products and a reduction in cost of raw materials aided by the acquisition of Savannah Sugar Company in July 2020. Despite the 10.73% increase recorded in Administrative expenses, Operating profit grew by 21.73%. Consequently, PBT increased by 26.60%. EPS grew by 76.61% y/y from N1.24 in 9M’2019 to N2.19 in 9M 2020.
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