Illovo posts K9.2 billion profits

Illovo Sugar Malawi Limited has made a profit of 9.2 billion kwacha after tax for the six months ended 28 February 2022 as compared to 6.1 billion kwacha it made same period in 2021.

The company’s Managing Director Lekani Katandula revealed this in Blantyre during the investors forum meeting.

Katandula said the figure represents a 51 percent increase.

He, however, said soaring diesel prices have negatively affected their business.

To avert the problem, the company has hinted on plans to start producing power.

Meanwhile, the company is said to have used K141 million for community supporting initiatives for Dwangwa and K177 million for Nchalo in the 2021/2022 financial year.

Apart from Malawi, Illovo Sugar Malawi Limited also supplies sugar in Tanzania, Rwanda and and DRC among other African countries.