In the financial year ended August 2021, Illovo Sugar Malawi has posted a profit after tax of K20.4 billion up from K2.7 billion in 2020, representing an increase of 650 percent.
The company’s managing director Lekani Katandula said during a press briefing Blantyre on Wednesday.
He added that the profit the company made was not due to overpricing but controlling costs.
Katandula said Illovo Malawi only effected a six-percent increase, which was less than the 2021 inflation rate of 10 percent.
He said: “We may wish to know that despite this minimal increase, we saw an improvement in total sales. The market responded positively thus growing our domestic market by 17 percent during the year.”
Meanwhile, Illovo Malawi finance director Kelvin Msimuko said the company will continue to control its costs and improving efficiency in the running of its business.
“Regardless of the emerging risks, our company will continue to be efficient and reduce unnecessary costs.” he said.
With a market capitalization of K214 billion and 713 million shares on issue, Illovo Sugar (Malawi) plc share price traded at K299.97 at the close of business on MSE on Thursday.