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Illovo profit up 31 percent

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Lekani Katandula

Illovo Sugar Malawi profit before tax for the year ended August 31 2022 has increased by 31 percent to K38.4 billion from K29.3 billion in the preceding year.

This is according to a financial statement for the period under review released by the sugar manufacturing company Tuesday.

According to the statement, the group achieved a 14 percent growth in turnover to K186.6 billion and 24 percent growth in operating profit after selling 213,550 tonnes of sugar compared to 172,578 tonnes of the commodity in the preceding period.

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The statement, which has been signed by Illovo Sugar Malawi Board Chairman Gavin Dalgleish and Managing Director Lekani Katandula, further indicates that weather-related shocks also affected the company’s operations.

“The group commits to continue contributing to the development of the country through significant employment, trade opportunities, tax contributions and various statutory payments, apart from the noteworthy creating shared value investments,” the statement reads.

On the outlook, the company expressed optimism that better weather patterns and a return to normal power generation by Egenco will improve output.

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It, however, adds that depreciating exchange rates for the Kwacha against the major trading currencies, increasing inflation, and interest rates, the scarcity of foreign currency and fuel continue to militate against the delivery of the cost of optimisation efforts for the business.

“The group will therefore continue to actively engage significant effort at cost reduction, improvement of operational efficiency, export revenue enhancement, and domestic market growth to drive delivery of good results for the business and all stakeholders into the foreseeable future,” the statement adds.

The company has since declared a second interim dividend of K10 per share on top of the first interim dividend of K5.56 per share.

By this year, the company has clocked 25 years since it listed on the Malawi Stock Exchange.

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