Illovo registers drop in profits from K37bn to K25bn
Illovo Sugar Company Malawi says that it has registered profit of between K22 billion to K25 billion as compared to K33.7 billion in the previous half of the financial year of the company.
Lekani Katandula managing director of the Illovo sugar company disclosed this in Blantyre on Friday during the investor’s forum engagement meeting.
In an interview with Nyasa times Katandula attributed this scaling down of sugar production and high inflationary prices.
According to Katandula Malawians are aware of the so many things that have gone up significantly.
Katandula cited prices like fertilizer prices, electricity prices, fuel prices and exchange rate losses.
However, Katandula said that despite all these challenges Illovo sugar company is committed to working to build a thriving Malawi community through the provision of affordable food and energy.
Katandula therefore said that his company is diversifying by venturing in cotton farming so as to revamp cotton industry in the lower shire as was the case in the previous years.
In addition, Illovo sugar company has partnered with Bunda college of agriculture on Mega farms so as to contribute positively to the social and economic growth of the country.
Follow and Subscribe Nyasa TV :