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Published On: Sun, May 18th, 2014

Dangote Sugar dips by 6.3%

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Dangote Sugar Refinary Plc has recorded a turnover of N25.8 billion, for the first quarter ended March 31st, 2014, representing a 6.3 per cent decrease when compare with N27.6 billion written in the period of 2013.

According to the company’s unaudited financial report released by the Nigeria Stock Exchange weekend, profit/loss after stood at N3.7 billion against N3.4 billion recorded in the previous year.

On the other hand, the firm achieved a profit after tax of N4.274 billion for the three-month period ended March 31, 2014.

The figure represents a 5.62 per cent increase when compare with the N4.047 billion posted in the corresponding period of 2013.

The company’s consolidated statement of financial income for the first quarter of 2014, showed that its profit before tax also rose by 5.62 per cent to N6.286bn when compared to the N5.951bn it declared in the same period of 2013.

The company reported a 15.53 per cent rise in its net assets. According to the company, its net assets rose to N58.128 billion in the period under review; from N50.316 in the corresponding period of 2013.

However, the company’s revenue depreciated; falling by 6.53 per cent to N25.838bn in the three-month period ended March 31 from the N27.644bn it realised in the same period of 2013.


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