The Group had a good and prosperous year with strong growth in all three key segments of Food, Agro-Allied and Sugar. The Agro-Allied division reached profitability in 2019/20 behind the consistent and focused investments that have been made in this locally sourced segment over the last few years. With sugar having reached a similar pivotal point 2 years ago, and now contributing strongly to the Group profitability, we are well-positioned to further drive the Group’s organic growth strategy through the three significant segments of Food, Sugar and Agro-Allied, with a strong and increasing local content base.

The Group’s revenues grew by 9% from 527 billion Naira to 574 billion Naira, with food’s revenues increasing by 7% and those of Agro-Allied and Sugar by double digits. The Profit Before Tax increased by 7.3 billion Naira (72%) to 17.5 billion Naira, whereas the Profit After Tax nearly tripled from 4.0 billion Naira last year to 11.4 billion Naira in the current year. This remarkable profit improvement was driven by the continuous focus on Agro-Allied and profitable local products with a strong performance in both the Animal Feed and Edible Oil segments. Food continues to grow and diversify behind our continuous focus on delivering superior quality and broadening the Consumer offerings in the B2C (Business to Consumer) segment.

The Group’s investments into profitable local content and value adds, make us well positioned for further profitable growth in 2020/21 with very encouraging signs during the first months.”