Full-year profit for Dangote Sugar Nigeria Plc, Nigeria’s biggest sugar refiner, fell 36 percent, hurt by Apapa traffic gridlock, the company said Tuesday.
Profit after Tax (PAT) for full year 2018 declined to N34 billion from N53billion recorded a year earlier, while Profit Before Tax (PBT) declined by 35 percent to N32 billion from N43 billion recorded in 2017, the refiner said in a statement filed to the Nigerian Stock Exchange.
“The Apapa traffic gridlock situation continued unabated throughout the year, equally impacting negatively on the traffic situation in neighboring parts of Lagos state,” the company said in the statement.
The company noted that the situation adversely impacted production activities as outbound logistics operations of the business were constrained.
It noted the ”influx of low-priced, smuggled sugar into key markets” in Nigeria, which it said was ”exerting a downward pressure on selling price of sugar
