Dangote Sugar released its 2014 half year results showing a 9.8% drop in revenue to N49.6billion compared to N55billion posted a year earlier. The drop in revenue was partly due to “maintenance upgrade at the Apapa refinery” as well as “gas supply disruptions”. Sugar sales volumes also dropped 1.1% to 420, 862 tonnes.
Cost of sales dropped 7.5% to N36.6billion compared to N39.6billion. The company explained the drop in sales was due to a 16.6% lower “enabling 12% price cut to consumers”. Pre-tax profits was down 4.4% year on year to N10.3billion.
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