Dangote Sugar refinery posts 26% declines in profit to N22.052bn in 2021
By Philemon Adedeji
Dangote Sugar refinery plc has declared its audited financial statement for the pere ended 31, December, 2021, reporting profit which declined significantly by 26 per cent to N22.052 billion in full year of 2021 from N29.775 billion in full year of 2020.
Under the platform Nigerian Exchange Limited (NGX), profit before tax recorded for the period also depreciated by 25 per cent from N45.6 billion in the corresponding period of 2020 to N34.021 billion in preceding period of 2021.
However, the group audited result showed gross profit of N57.221 billion recorded in 2020 to N50.208 billion recorded in the comparable period of 2021, Dangote Sugar refinery has recorded a 12 per cent drop in gross profit during the twelve months ended 2021.
This result showed a marginal difference of 12 per cent decline.
Earnings per share recorded during the period dropped by 26 per cent from 245 kobo in twelve months of 2020 to 182 kobo in twelve months of 2021.
STRONG BALANCE SHEET POSITION
In the audited results announced by the group, the group recorded total assets as growth total equity and total liabilities moved advanced.
The group total assets declared for the period indicates gain of 29 per cent to N359.505 billion in twelve months of 2021 from N278.032 billion in twelve months of 2020 audited results and accounts for the period ended 31, December 2021. As total current assets grew by 22 per cent from N175.430 billion in 2020 to N213.9 billion in 2021, while total non-current assets largely increased by 42 per cent to N144.68 billion in the preceding period of 2021 to N101.733 billion in corresponding 2020.
Meanwhile, Total equity rose by 3.1 per cent from N124.7 billion in the corresponding of 2020 to N128.6 billion in the preceding period of 2021.
In addition, total liabilities reported by the group showed growth of 51 per cent to N239.9 billion in full year of 2021 to N153.3 billion in full year of 2020. As total current liabilities increased higher by 54 per cent from N142.049 billion in the corresponding period of 2020 to N218.5 billion in the preceding period of 2021, while total non-current liabilities gained a 9 per cent to N12.331 billion in twelve months of 2021 from N11.271 billion in twelve months of 2020.
