Country’s leading Sugar manufacturer, Illovo Sugar (Malawi) Plc has dismissed rumors that it is overpricing its commodities in order to maximize profits.
Illovo Sugar (Malawi) Plc Managing Director, Lekani Katandula, dismissed the rumors during a presser held at Mount Soche Hotel in Blantyre.
“We are not overpricing our commodities,” said Katandula while revealing that controlling costs and improving sufficiency as their top secrets behind Illovo Malawi Plc success in 2021 financial year.
According to Illovo Sugar (Malawi) Plc financial statement, the company has made a 647 Percent net profit from MK 2. 8 Billion to MK 20.5 Billion.
Illovo Malawi is one of the country’s largest single private-sector employer providing direct employment for 9 000 people permanent, seasonal and casual employees and an additional 5 000 direct and indirect contractors creating a total of 14 000 jobs.
Illovo is also a major contributor to the Malawian tax authorities through direct and indirect taxes. It generates valuable foreign exchange through export sugar sales.
Many local industries are dependent upon Illovo for their viability and the employment created by these businesses provides an income base for many more families than are directly employed.
The company further supports an estimated 5 200 smallholder cane farmers through various smallholder schemes.