Dangote Sugar Refinery, on Friday presented its un-audited result for the first quarter ended March 31, 2017, indicating that revenue growth rate was double that of net profit, after operating costs soared from the level of the corresponding period of 2016, while investment income helped reduce the impact.
Revenue from sales for the period improved by N26.91bn or 82.5% from N32.617bn in 2016 to N59.527bn; most of which went into cost of sales at N51.687bn, up by N25.84bn from N25.847bn in the previous first quarter. Gross profit therefore stood at N7.84bn from N6.769bn; while other income fell from N86.002m to N73.548m
Selling and administrative expenses dropped from N493.722m to N216.029m; administrative expense climbed to n1.75bn from N1.029bn; following which operating profit stood at N5.947bn, from previous N5.332bn.
Investment income rose to N971.356m, representing a N964.288m or 13,643% growth from just N7.068m in the 2016 first quarter; in the absence of finance costs, compared to the previous N146.364m; profit before tax stood at N7.041bn, as against the previous N5.112bn. Income tax expense rose to N2.283bn, up from N1.774bn; leaving net profit for the period under review at N4.758bn, an increase of about N1.42bn or 42.54% at N4.758bn from N3.338bn, which translated to earnings per share of 159 kobo, as against the previous 112 kobo.