Despite a seemingly harsh operating environment faced by businesses in 2022, seven of Nigeria’s leading conglomerates and manufacturers made record revenue in 2022 financial, according to analysis by The PUNCH.
Figures obtained from the companies’ full-year financial statements filed with the Nigerian Exchange showed Dangote Sugar Refinery, Dangote Cement, BUA Foods, BUA Cement, Lafarge Africa, Cadbury Nigeria, and Nestle Nigeria Plc raked in N3.6tn revenue in 2022.
In its two major holdings, Dangote Sugar and Refinery and Dangote Cement Plc, Dangote Industries Limited recorded a whooping N785bn.
For its sugar refinery, the N403bn recorded in 2022 showed a 46.07 per cent growth from the N276.05bn recorded in 2021.unch
The Group Managing Director/Chief Executive Officer, Dangote Sugar Refinery Plc, Ravindra Singhvi, while speaking at the group’s 2022 full year audited results webcast event for investors and analysts, said that notable shocks in the operating environment included changes in global market dynamics fueled by the hike in international prices of raw sugar, forex unavailability, currency adjustment and a high inflation environment which caused an uptick in the cost of production.
Similarly, one of Dangote’s competitors — BUA Foods, in its unaudited financial statement for 2022 saw revenue grow by more than a quarter at N417.8bn. 65.5 per cent of that was contributed by sugar sales.
However, despite the surge in profit, the company said that a harsh operating environment, largely themed by flooding (which impacted on logistics efficiencies), energy cost, rising input costs, coupled with rising foreign exchange concerns and the tightening stance of the Central Bank of Nigeria which further increased interest rate affected the business negatively.
