Illovo Sugar, the African business majority-owned by Associated British Foods, has reported an 8% rise in annual profits amid rising sugar prices.

The company booked operating profit of ZAR1.1bn (US$143.7m) for the 12 months to the end of March. Revenue climbed to ZAR6.8bn, up from ZAR6.3bn a year earlier.

Illovo said increased domestic sugar sales and a rise in exports to the EU had boosted the results.

Looking ahead, Illovo said that the outlook for global sugar prices remains uncertain and that the value of the South African rand would affect its results.

World sugar prices are presently above last year’s levels but remain very volatile. If they remain at current levels it will impact favourably on revenues from both world and regional markets,” Illovo said.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“The results for the current year will again be affected by the level of the rand compared to other currencies. Overall, it is anticipated that growth in earnings will be achieved in the year ahead.”