The company’s turnover improved by 84.72 per cent to N75.01bn in H1 2024, up from N40.60bn in the previous year, driven by higher local and export sales.
Cost of sales rose by 174.68 per cent to N30.48bn from N11.10bn in the previous year, primarily due to higher production volumes and raw material costs.
Gross profit for the period stood at N44.53bn, a 51 per cent increase from N29.50bn while net operating expenses rose by 43.56 per cent to N14.04bn from N9.78bn due to higher administrative and selling expenses.
Profit from continuing operations before tax was N30.49bn, up 54.61 per cent from N19.72bn in the previous year.
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