Illovo Malawi makes K26.5 billion profit

By Mayamiko Phiri-Contributor

Illovo sugar (Malawi) Plc has achieved a 26.5 billion kwacha profit for the year ended August 31, 2022 as compared to 20.5 billion kwacha achieved from the previous year, representing a 30 percent increase.

Illovo sugar Malawi Plc Managing Director, Lekani Katandula disclosed the development during an investors session update at Mount Soche Hotel Blantyre on Tuesday.

Katandula further stated that the success comes amid significant reduction in total production which falls from 279 thousand metric tons to 230 metric tons.

The Managing director attributed profits to much higher domestic sales which went up from 173 thousand to 214 metric tons.

“On the basis of that performance, shareholders were rewarded with good dividends as compared to previous year,” said Katandula.

Illovo, which employs over 11,000 permanent and non-permanent workers, 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.