Illovo Malawi profits have gone up globally by 24 per cent to K26.6 billion despite the suspension of sugar exports to Europe.
The Malawi Stock Exchange (MSE) listed firm posts K26.6billion net profit –up from K20billion in 2021.
Illovo Sugar Malawi Managing Director Lekani Katandula
Published financial results 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 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.
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