Revenue of Nigeria’s leading sugar manufacturing company, Dangote Sugar Refinery Plc jumped by a whopping 40.1% in the first quarter (Q1) of 2022 to N94.449 billion.
The leading manufacturer disclosed in its unaudited financial statement obtained by Investors King.
However, the 51.9% jump in the company’s cost of sales to N74.986 billion plunged gross profit to N19.463 billion in the period under review. A 7.9% decrease from N18.044 billion filed in Q1 2021.
Similarly, selling and distribution expenses rose by 110% to N260.811 million from N124.105 million in the period under review. Administrative expenses remained largely unchanged at N2.243 billion, slightly higher than N2.136 billion in Q1 2021.
The company reported N17.027 billion operating profit, up from N15.884 billion recorded in the corresponding period of 2021.
Despite finance income rising by 539% from N126.823 million achieved in Q1 2021 to N810.497 million in the period under review, net finance cost stood at -N2.695 billion.
Profit before tax grew by 13.8% to N13.603 billion from N11.949 billion in Q1 2021. The company paid N4.733 billion in income tax.
Profit after tax rose by 6.8% from N8.302 billion recorded in the first quarter of 2021 to N8.869 billion in Q1 2022.