UACN, Dangote Sugar refinery profit falls

Nigerian conglomerate UACN reported a 58 percent decline in its half year pretax profit to ₦2.14 billion ($11 million), compared with the same period of last year while Nigeria’s Dangote Sugar Refinery’s first-half pretax profit fell 4.5 percent to ₦9.80 billion ($49 million) versus a year earlier, the firm said on Friday.

UACN Gross earnings fell to ₦37.37 billion in the period to end-June from ₦40.25 billion, the company said in a statement.

Distribution and administrative expenses rose to ₦7.25 billion from ₦5.37 billion in the previous year while Africa’s richest man, Aliko Dangote, said revenue however rose ₦51.12 billion in the six-months to end-June, from ₦49.60 billion in the same period of last year.



Source : BusinessDay

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