Dangote Sugar Impresses With N13.5billion PAT, 25% Increase YoY (2013 FY 2013)

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Dangote Sugar release its 2013 FY results showing a 25% increase in earnings per share to N1.13 (2012: N90kobo). Other highlights of the results are as follows;

• Turnover dropped 4% to N102.4billion compared to N106.8billion in 2012
• The company attributed the drop in turnover to a general drop in prices of sugar world wide which they in turn passed on to consumers
• Gross profit rose 16% to N26.9billion during the year (2013: N23.2billion). Gross profit margin also improved 26% compared to 21% a year earlier
• Operating profit without other income was N16.3billion, 15% higher than N16.3billion posted a year earlier
• Dangote Sugar posted a 25% increase in profit after tax to N13.5billion compared to N10.7billion a year earlier.
• Though a great result it came short of the 45% increase in PAT experienced in 2012/2011
• Dangote Sugar Returns on Equity remains high at 27%
• It is ask important to note that the result above was analyses as a Company. As a group profit after tax did dip to N10.8billion.

The company released these highlights as well

Financial highlights   

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Lower global raw sugar price enables 24% price cut to consumers  

First time consolidation of Savannah 

Group Revenue of ₦103.2 billion (2012, company N106.9 billion) as prices ease 

Company EBITDA margin increased to 19% from 15% 

Company profit before tax up 23% to ₦20.1 billion  Company earnings per share up 26% to 113 kobo. 

Corporate debt remains zero 

Dividend of 60 kobo per share proposed

Operating highlights  

Sales volume up 23% to 815,660 tonnes 

Refinery production up 42% to 814,910 tonnes 

Seasonal harvesting of Sugar Cane at Savannah underway 

5,000 hectares of land under development at Savannah  

Savannah factory operations commenced  

380 trucks added to distribution fleet