Profit Before Tax (PBT) for the year ended December 31, 2022, as reported by Dangote Sugar Refinery (DSR) Plc, was N82.3 billion, up 142% from the N34 billion recorded for the same period in 2021.
According to the company’s annual report, all performance measures were improving. Revenue increased by 45 percent, to N403.25 billion from N278.05 billion, and profits per share increased by 269 kobo, or 148 percent, to N451 per share from N182 per share.
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Meanwhile, DSR is significantly scaling up its investment in the sugar sub-sector in line with the requirement of the Nigeria Sugar Master Plan (NSMP).
Chairman of the company, Aliko Dangote, noted that increasing the sugar refining capacity would require a corresponding increase in sugarcane production capacity.
Dangote stated that the company had concluded plans to increase its sugar plantation from the current land area under cane production of about 8,700 hectares in 2022 to about 24,200 hectares within the next seven years.
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