Kagera Sugar

Kagera Sugar Company Swings to Profitability in 2023

Improved Production, Cost-Cutting Measures Boost Performance

Key Highlights

• Kagera Sugar Company reports a significant increase in profitability for the financial year ending December 2022.
• The company attributes its success to increased production volumes, higher sugar prices, and effective cost-cutting initiatives.
• Kagera Sugar is optimistic about the future and plans to continue investing in growth and sustainability.

Kagera Sugar Company, a leading sugar producer in Tanzania, has announced a remarkable turnaround in its financial performance, swinging from a loss in 2021 to a significant profit in 2022. The company's improved profitability is primarily attributed to a combination of increased production, higher sugar prices, and effective cost-cutting measures.

According to the company's financial report, Kagera Sugar's revenue increased by 25% in 2022 compared to the previous year. The surge in revenue was primarily driven by a 10% increase in production volumes and a 12% rise in sugar prices. The company also implemented a series of cost-cutting measures, resulting in a 5% reduction in operating expenses.

Commenting on the company's performance, Kagera Sugar's Managing Director, Francis Lugakingira, expressed his satisfaction with the results and attributed the company's success to the hard work and dedication of its employees.

"We are delighted to report a strong financial performance for 2022, which is a testament to the hard work and dedication of our employees," said Lugakingira. "Our focus on increasing production, optimizing costs, and delivering quality products has paid off, and we are confident that we can continue to build on this success in the years to come."

Kagera Sugar is optimistic about the future and plans to continue investing in growth and sustainability initiatives. The company is currently expanding its production capacity by constructing a new sugar mill, which is expected to be completed in 2024. The company is also committed to reducing its environmental impact and has implemented a number of sustainability initiatives, including the use of renewable energy and the promotion of sustainable farming practices.