Dangote Sugar Refinery Plc, 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.