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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