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Illovo hands over school block, desks valued at K27 million

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MALAWI’S sugar producer, Illovo Sugar Malawi has handed over a school block and desks to Nchalo Community Day Secondary School in Chikwawa.

The project, which covered construction of the school block and procurement of desks by its Nchalo Estate, cost K27 million. T h e s c h o o l b l o c k comprises two classrooms.

Speaking during the event, Acting General Manager of Nchalo Estate, Keith Domleo, said the gesture is part of the company’s corporate social responsibility. “We employ various people and this is in recognition of the fact that we want the Nchalo community to be educated,” Domleo said.

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He said, as Illovo Sugar Malawi, an educated nation is a catalyst to development and poverty eradication. “Similarly, as a company, we need an educated workforce that can deliver efficiently and effectively,” he said.

Domleo, however, urged students and communities to ensure that they take care of the school block so that it delivers its purpose. “The project has been achieved because the company treasures and values education as well as good relationship with the community. Through the project, we expect big returns through good grades,” said Domleo.

Parliamentarian for the area, Zaheer Issa, hailed Illovo Sugar Malawi for the donation, saying it will help deal with educational challenges because the area is growing fast and that its operations need educated people.

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“The school block will bring in educational transformation. We applaud Illovo for the gesture and we ask them to continue developing the area in areas of roads, health and other sectors,” Issa said.

Recently, Illovo Sugar Malawi said its profit after tax for the year ending March 31, 2017 was expected to be at least 60 percent higher than the prior period.

In its trading statement dated February 19, the company attributed this to a more stable domestic consumption market and structural cost changes implemented across the business.

In the current financial year Illovo Sugar (Malawi) Limited has also changed its accounting policy for the valuation of sugarcane roots following the amendment of International Accounting Standard 41 (IAS 41) which now permits the valuation of such assets at cost less accumulated depreciation.

However, the results are expected to be published in the press in June 2017 following their review and approval by the Board of Directors. Illovo Sugar Malawi is also listed on the Malawi Stock Exchange Limited.

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