By Charity Pemba
Illovo Sugar Malawi Plc has recorded a historic net profit of MK 6.1 billion in the first half of the year ended 28 February 2021 compared to MK2.1 billion for the same period last year.
Lekani Katandula, the Managing Director for Illovo Sugar Malawi, disclosed the good tidings on Friday at Mount Soche Hotel in Blantyre during a Stakeholders meeting.
He attributed to the sharp increase in net profit to good cost structures and favorable weather condition for producing sugar canes.
“The profitability in the past six months has gone up by 200 percent from profit after tax of MK 2 billion kwacha to nearly MK 6 Billion,” said Katundula
One of the Illovo Sugar shareholders Frank Harawa commended the company for doubling the profits and sharing the divides despite the Covid pandemic which has forced most of the companies to shut down.
Illovo Sugar Malawi plc is listed on the Malawi Stock Exchange with 76% of the issued share capital held by the Illovo Group and the balance by public and other institutional investors.
The company annually cultivates around 1.8 million tons of cane which together with approximately 350 000 tons produced by Malawian smallholder farmers, results in the production of about 250 000 tons of sugar.
Yet another small brain is too busy manufacturing lies against ncov for failing to fulfill the campaign promises. To hell with these useless and baseless excuses. Amnzawo akutinka and they are making profits. Stay in affice, sleep at 3am and wake up at 7 am planning like the former economic, political and human rights giant who could rarely make public appearences. If visiting the parliament makes no change then its useless, isn’t it mr vp.