Locals being milked?
Recently in the news, Illovo Sugar Malawi reported that it had made K6.8 billion pre-tax profit. After-tax profit was K4.8 billion up from K2.8 billion in the previous year. It is reported elsewhere that Illovo Malawi contributed the most to Illovo Groups profits ahead of all the others (South Africa, Zambia, Mozambique, Tanzania and Swaziland).
Now someone tell me that local Malawians are not being ripped off by Illovo!
In the next few months, I bet, Illovo will increase their sugar prices ‘due to rising production costs’ yet they are making such obscene profits on the backs of the poor. Shame!