Dangote Sugar Refinery Plc Friday reported it posted a slump in profit in the sum of N631.816 million between January and March this year relative to the corresponding period of last year.
The consolidated and separate financial statements of the world’s second biggest standalone sugar refinery for the first quarter of 2020, posted on the website of the Nigerian Stock Exchange (NSE), revealed that Revenue grew by nearly one quarter or 24.9% from N38.146 billion to N47.643 billion.
Nevertheless, pre-tax profit contracted by 11.1% from N10.702 billion to N9.10 billion.
Profit for the period dwindled from N7.004 billion to N6.372, reflecting a margin of 9.02%.
For this reason, basic and diluted Earnings Per Share (EPS) edged down 10.2% from N0.59 to N0.53.
Total Equity swelled by 8% from N105.979 billion at Q1 2019 to N114.509 billion in the period under review.
A steep rise in Cost of Sales by as much as 36.6% from N38.146 billion to N47.643 billion accounted for why the significant improvement in gross earnings did not trickle down to profit.
Dangote Sugar opened trade on the floor of the NSE today at N14 per share.
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