Mauritius sugar producer Alteo’s pretax profit rose 116 per cent to Sh3.97 billion (1.36 billion rupees) ($38.42 million) in the six months to December 31 helped by higher sales and favourable prices, the firm said on Tuesday.
Alteo is the largest sugar miller on the Indian Ocean island. It also has interests in property development and hotels.
In a statement, the firm said “enhanced production capacities in Tanzania and Kenya and higher sucrose levels in Tanzania and Mauritius” led to increased sales.
Alteo said group revenue rose to Sh16.27 billion (5.57 billion rupees) from Sh11.62 billion (3.98 billion rupees) a year earlier. Earnings per share rose to Sh4.12 (1.41) rupees from Sh1.37 (0.47 rupees).
The company said its Kenyan and Tanzanian operations should continue to show improving results in the third quarter as they will further benefit from above average cane yields and improving sucrose levels in Tanzania and relatively high prices in East African markets.
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Credit: Business Daily