ILLOVO SUGAR GROUP BREAKS PERSONAL RECORDS.
Last Updated on February 9, 2023 by Victory Amah
Illovo Sugar Malawi Plc is Africa’s leading and diversified sugar group. They are an agri-business that specializes in growing sugar and making sugar-related products.
The outbreak of Covid-19 crippled some businesses and others are still struggling to get on their feet. Illovo Sugar has started rising from the rut covid-19 placed on companies.
On Tuesday, 7th of February, Illovo Sugar announced their company had made a net profit of K26.6 billion in the 2022 financial year. The announcement was made during the company’s investor forum at Sunbird Mount Soche Hotels. Illovo Sugar Managing Director, Lekhani Katandula also declared K14.9 billion as a dividend.
The company’s revenue increased by 14% from 163 billion in 2021 to K187 billion in 2022 with net debt reduced by 153% from K9.9 billion to K5.3 billion while free cash flow increased from K25.7 billion to K34.9 billion which represents a 36% increase.
They faced so many challenges but responded to them squarely; they ran efficient forms of irrigation, a program called Agricultural yield recovery, and updated pest and disease control strategy and cost rationalization to mitigate revenue losses. There was also an enhanced quality focus to reduce bulk sugar production in favor of higher margin sugars and initiated energy projects by reducing demand and increasing generation and power supply.
Their product is affordable for low-income earners and is also one way of enhancing hygiene.