RSSC’S E900 MILLION PROFIT PROJECTION

MBABANE – Despite the tough trading conditions, the Royal Swaziland Sugar Corporation (RSSC) has projected to make E900 million as profit for the financial period ending March 31, 2018.

The corporation has disclosed that this figure was their unaudited consolidated forecasted profit before taxation of the company and its subsidiaries for the reporting period.

Managing Director Nick Jackson said they were impressed with the projected profit. He explained that their half year results were typically much higher than their year-end results because that was the way their profit flows. Jackson said their profit picks around September to November and then drops again because they produce sugar during the first six months of the year and get paid at the second half of the year.

“Generally, it has been a good year which was better than last year. We expect year end results to be good,” said Jackson. He said mid year results would be issued soon.

The MD said they were currently going through a growth phase, which had seen the approval of the first phase of the company’s extension project which includes upgrading the factory at Mhlume. He disclosed that they were working around the clock to receive approval of the second phase which would include planting more cane which would help grow the company in the coming few years.
Asked about the dividend on the basis that it was reported that a second interim dividend (dividend 50) of 99 cents per share in the currency of Swaziland for the year ending March 31, 2018 had been declared payable to shareholders registered in the books of the company at close of business on January 12, 2018, he said they paid up to 70 per cent of profit as dividend.

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