Illovo Sugar Malawi says the recommended price for a 1kilogram packet of Illovo Sugar is K2000 only.
Lekani Katandula, the Managing director for Illovo Sugar, was speaking at Mount Soche Hotel in Blantyre during the presentation of the financial statement for the first half of 2024,
Katandula was reacting to reports that some traders across the country are selling sugar at K 2500 per one Kilogram packet.
“We do not regulate the price of our sugar but we only recommend; so the recommended price for a 1 kilogram packet of Illovo sugar is K2000 only,” said Katandula
Commenting on the scarcity of sugar in the country, Katandula admitted that the company has limited stock of the commodity attributing it to a significant drop in production.
Katandula, among others, attributed the drop to production to Cyclone Freddy, shortage of foreign currency and fuel scarcity.
He said that unlike last year, from September to February, when the company had produced 119,000 tonnes of sugar, they have only managed to produce 77,000 tonnes of sugar in the same period this year.
Illovo Malawi supplies more than 60% of its total sugar sales into the domestic consumer and industrial markets, and a portion of the balance exported regionally within the sub-continent.
