Refinery declares N11bn profit before tax
Gross profit increased by 9.57 per cent to N13.9 billion in contrast with N12.7 billion achieved in the preceding period.
This is contained in a statement issued by the company on Friday in Lagos.
The statement showed that the PBT increased by 13.3 percent compared with N9.8 billion posted in the preceding period of 2015.
The sugar group recorded a profit after tax (PAT) of N7.4 billion against N6.3 billion recorded in the corresponding period, indicating an increase of 17.5 percent.
Its group revenue increased by 37.86 percent to ₦70.5 billion compared with ₦51.1 billion in 2015, reflecting an increase in sales volumes during the period.
Mr Abdullahi Sule, the company's acting Group Managing Director, said the result was impressive when compared to challenges being faced in the economy.
“Despite market challenges experienced in the first quarter and operating challenges in the second quarter of 2015, we were able to grow our revenue compared to the same period in the previous year," Sule said.
"Our focus for the remainder of the year will be to increase sugar production at reduced conversion cost and improve distribution to match the increasing demand from our customers.
``Our greater growth strategy “Sugar for Nigeria” continues to gain momentum as we execute the first phase of our expansion plans.
``The various operational and economic challenges we were faced with during the period under review notwithstanding, the overall performance shows an improved outlook for the period," he said.
Sule attributed the increase in the company's operating cost to the devaluation of the naira.
JOIN OUR PULSE COMMUNITY!
Eyewitness? Submit your stories now via social or: