By Jimmy Sangala
Malawi’s largest sugar manufacturing company Illovo Malawi has made a profit of K26.6 billion representing 24 percent.
This is despite suspension of company’s sugar exports to Europe
According to Malawi Stock Exchange-MSE listed firm posts, Illovo has made such growth net profit up from K20billion in 2021.
Published financial results further indicate that the group experienced significant growth in domestic market by selling 213, 550 tons from 172, 578 tons in the prior period.
This resulted in the business registering 14% growth in turnover to K186.6 billion and fully repay its debt and achieves a net cash position.
Illovo Malawi Managing Director Lekani Katandula has therefore, indicated that they are now looking ahead to better weather patterns and a resumption of normal power generation by Electricity Generation Company –EGENCO to improve the output from their agricultural operations.