Sugar manufacturer Illovo Sugar Malawi, Plc. has post a 26.6billion kwacha net profit –up from K20billion in 2021.
Published financial results indicate that the group experienced significant growth in domestic market by selling 213 550 tons from 172 578 tons in the prior period.
This booming business resulted in the business registering 14percent growth in turnover to 186.6billion kwacha and fully repay its debt and achieve a net cash position.
“The group contributed to the Malawi fiscus by paying and collecting tax on behalf of government amounting to K28.2billion (2021: K16billion).
“The group also managed to fully repay its debt and achieve a net cash position in the year despite the challenges it faced,” reads the statements in part.
Meanwhile, Illovo Managing Director Lekani Katandula says the recent suspension of Sugar export into Europe did not affect its business as it utilized the regional market.
Looking ahead, the company expects better weather patterns and a return to normal of power generation by Electricity Generation Company –EGENCO to improve the output from the agricultural operations.
Meanwhile, the directors have declared a second interim dividend of 10 kwacha per share, on top of the first interim dividend of 5kwacha per share.