Dangote Sugar Rises First Time in Week After Profit Jumps

Dangote Sugar Refinery Plc (DANGSUGA), Nigeria’s biggest producer of the sweetener, climbed for the first day in a week after saying first-half profit almost doubled.

The stock gained 3.3 percent to 4.65 naira by 1:22 p.m. in Lagos, Nigeria’s commercial capital.

Net income for the period through June rose to 5.73 billion naira ($35.5 million) from 3 billion naira a year earlier, the company said yesterday in a statement published on the website of the Nigerian Stock Exchange. Revenue rose to 53.6 billion naira from 48.6 billion naira.

Dangote’s performance “was driven by a decline in input costs -- raw sugar, which has trended lower since September 2011 on higher global supplies,” Stanbic IBTC Bank Plc said today in a note e-mailed to clients.

Dangote Sugar shares have fallen 1.1 percent this year, compared with a 13 percent rise in the Nigerian Stock Exchange All-Share Index.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.