Dangote Sugar Releases Weak 3Q Results
Dangote Sugar, subsidiary of the world famous Dangote group has released its 3Q earnings that are sure to leave a bad taste in the mouth of its investors.
The leading manufacturer of the raw ingredient used to cater for the Nations’ sweet tooth saw turnover rise 22% to N 79.6 Billion from N 65.2 Billion over the same period last year.
However Profit Before Tax fell 49% to N 6.5 Billion from N 12.6 billion over the same period last year.
The dismal performance could be linked to the 36% increase in manufacturing costs that were close to N 69 Billion or a whopping eighty-six percent of turnover.
In the same vein, operating expenditure increased 49% to N 4.5 Billion.
The high costs of doing business also took a major slice of net profit that was down, once again 49% to N 4.4 Billion.
The company’s share price is currently trading at N 5.68, down 64% from the onset of the year.
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