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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

Illovo Sugar Malawi

ILLOVO · Malawi Stock Exchange · Consolidated statements

On this page
Company details
Legal name
Illovo Sugar (Malawi) plc
Listing
ILLOVO on the Malawi Stock Exchange, active · ISIN MWILLV010032 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 August

Overview

Year ended 31 August 2023 · annual report, signed / final · source

  • Revenue

    MWK 272 billion

    272,457 MWK millions · p127

    +46.0% vs 2022

  • Operating profit / (loss)

    MWK 81.9 billion

    81,923 MWK millions · p127

    +107.4% vs 2022

  • Profit / (loss) for the year

    MWK 56.8 billion

    56,758 MWK millions · p127

    +113.1% vs 2022

  • Total assets

    MWK 298 billion

    297,665 MWK millions · p128

    +50.8% vs 2022

  • Total equity

    MWK 139 billion

    139,091 MWK millions · p128

    +37.8% vs 2022

  • Cash from operations

    MWK 113 billion

    113,252 MWK millions · p134

    +149.2% vs 2022

Large amounts are rounded for reading (MWK million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in MWK millions unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY to 31 Aug 2023 — annual report, signed / final; reported for the year · source
  • FY to 31 Aug 2022 — annual report, signed / final; comparative in the FY to 31 Aug 2023 filing · source

Income statement

Income statement, MWK millions. Columns: FY to 31 Aug 2023 — annual report (signed / final), as reported for the year; FY to 31 Aug 2022 — annual report (signed / final), comparative reported in the annual report for 2023.
Line (as printed) FY to 31 Aug 2023Annual reportreported for the yearFY to 31 Aug 2022Annual reportcomparative in FY to 31 Aug 2023 filing
Revenue from contracts with customers 272,457 186,642
Operating pro昀؀t 81,923 39,505
Dividend income1 75 60
Finance costs (2,849) (1,396)
Interest income 2,628 309
Pro昀؀t before taxation 81,777 38,478
Income tax expense (25,019) (11,848)
Net pro昀؀t for the year 56,758 26,630
Cash flow hedges2 5 (33)
Tax effect of the cash flow hedges3 (1) 10
Other comprehensive income/(loss) relating to cash4 4 (23)
Net gain on equity instruments designated at fair5 136 136
Tax effect on valuation of unlisted investment6 (21) (24)
Other comprehensive income relating to valuation of7 115 112
Total other comprehensive income/(loss) 119 89
Total comprehensive income for the year 56,877 26,719
Notes and alternative reported figures (7)
  1. “Dividend income” is an issuer-specific line, not mapped to a shared definition: Dividend income printed after operating profit.
  2. “Cash flow hedges” is an issuer-specific line, not mapped to a shared definition: OCI that may be reclassified: cash flow hedge movement before tax.
  3. “Tax effect of the cash flow hedges” is an issuer-specific line, not mapped to a shared definition: Note 13; OCI that may be reclassified.
  4. “Other comprehensive income/(loss) relating to cash” is an issuer-specific line, not mapped to a shared definition: Note 17; OCI subtotal that may be reclassified.
  5. “Net gain on equity instruments designated at fair” is an issuer-specific line, not mapped to a shared definition: Note 7; OCI not reclassified.
  6. “Tax effect on valuation of unlisted investment” is an issuer-specific line, not mapped to a shared definition: Note 13; OCI not reclassified.
  7. “Other comprehensive income relating to valuation of” is an issuer-specific line, not mapped to a shared definition: Note 7; OCI subtotal not reclassified.

Balance sheet

Balance sheet, MWK millions. Columns: FY to 31 Aug 2023 — annual report (signed / final), as reported for the year; FY to 31 Aug 2022 — annual report (signed / final), comparative reported in the annual report for 2023.
Line (as printed) FY to 31 Aug 2023Annual reportreported for the yearFY to 31 Aug 2022Annual reportcomparative in FY to 31 Aug 2023 filing
Property, plant and equipment 87,136 67,989
Right of use Assets 7,597 8,991
Investments1 876 740
Non-current assets (unlabelled subtotal) 95,609 77,720
Inventories 50,254 39,134
Growing cane2 50,942 37,163
Trade and other receivables 22,227 28,192
Amount due from related parties3 1,411 21
Derivative financial assets 5 –4
Cash and cash equivalents 77,217 15,160
Current assets (unlabelled subtotal) 202,056 119,670
Total assets 297,665 197,390
Share capital and premium5 782 782
Fair value reserve 558 443
Hedging reserve6 4 –7
Retained earnings 137,747 99,710
Shareholders' equity (unlabelled subtotal) 139,091 100,935
Malawi Government Vitamin A Grant8 191 198
Lease liabilities 4,445 6,896
Deferred tax 33,144 26,792
Non current liabilities (unlabelled subtotal) 37,780 33,886
Trade and other payables 48,968 32,861
Contract liabilities 3,903 2,290
Lease liabilities 3,706 2,953
Amount due to related parties9 49,497 17,052
Income tax liability 14,720 4,701
Dividend Payable –10 2,712
Current liabilities (unlabelled subtotal) 120,794 62,569
Total equity and liabilities 297,665 197,390
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.current_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.total_equity.
  3. Printed “-”, read as nil: subtotal_arithmetic: bs.current_liabilities.
Notes and alternative reported figures (7)
  1. “Investments”: mapping to a shared definition is uncertain. Printed 'Investments' (note 7: unlisted equity instruments at fair value through OCI, per the OCI lines).
  2. “Growing cane” is an issuer-specific line, not mapped to a shared definition: Note 9; biological assets (sugar cane), current assets.
  3. “Amount due from related parties” is an issuer-specific line, not mapped to a shared definition: Note 15.7.1; current assets.
  4. “Share capital and premium”: mapping to a shared definition is uncertain. Share capital and share premium printed as one line (782).
  5. “Hedging reserve” is an issuer-specific line, not mapped to a shared definition: Equity.
  6. “Malawi Government Vitamin A Grant” is an issuer-specific line, not mapped to a shared definition: Note 12; deferred government grant, non-current liabilities.
  7. “Amount due to related parties” is an issuer-specific line, not mapped to a shared definition: Note 15.7.2; current liabilities.

Cash flow

Cash flow, MWK millions. Columns: FY to 31 Aug 2023 — annual report (signed / final), as reported for the year; FY to 31 Aug 2022 — annual report (signed / final), comparative reported in the annual report for 2023.
Line (as printed) FY to 31 Aug 2023Annual reportreported for the yearFY to 31 Aug 2022Annual reportcomparative in FY to 31 Aug 2023 filing
Cash operating profit1 78,491 40,707
Working capital requirements2 43,620 14,006
Cash generated from operations 122,111 54,713
Finance costs paid3 (2,817) (1,245)
Interest income received 2,628 309
Income tax paid (8,670) (8,325)
Net cash in昀؀ows from operating activities 113,252 45,452
Purchase of property, plant and equipment (25,735) (16,618)
Proceeds on disposal of plant and equipment 305 79
Dividend received4 75 60
Net cash (out昀؀ows)/in昀؀ows from investing activities (25,355) (16,479)
Net cash in昀؀ows before 昀؀nancing activities5 87,897 28,973
Dividends paid (21,569) (11,243)
Lease liabilities paid (4,271) (2,992)
Net cash out昀؀ows from 昀؀nancing activities (25,840) (14,235)
Net increase in cash and cash equivalents 62,057 14,738
Cash and cash equivalents at beginning of year 15,160 422
Cash and cash equivalents at end of year 77,217 15,160
Notes and alternative reported figures (5)
  1. “Cash operating profit” is an issuer-specific line, not mapped to a shared definition: Note a to the statement of cash flows; operating activities.
  2. “Working capital requirements” is an issuer-specific line, not mapped to a shared definition: Note b to the statement of cash flows; operating activities.
  3. “Finance costs paid”: mapping to a shared definition is uncertain. Printed 'Finance costs paid' (note c), operating activities.
  4. “Dividend received” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  5. “Net cash in昀؀ows before 昀؀nancing activities” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: operating plus investing cash flows.

Per share and shares

Per share and shares. Columns: FY to 31 Aug 2023 — annual report (signed / final), as reported for the year; FY to 31 Aug 2022 — annual report (signed / final), comparative reported in the annual report for 2023.
Line (as printed) FY to 31 Aug 2023Annual reportreported for the yearFY to 31 Aug 2022Annual reportcomparative in FY to 31 Aug 2023 filing
Earnings / (loss) per share (per share)3 79.551 37.332
  1. Printed as 7 955 tambala; value converted to MWK at 100 tambala = 1 MWK.
  2. Printed as 3 733 tambala; value converted to MWK at 100 tambala = 1 MWK.
Notes and alternative reported figures (1)
  1. Earnings / (loss) per share: printed as “Basic and diluted earnings per share (tambala)”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Aug 2023 Dividends paid (cash flow statement) Dividends paid (21,569) MWK millions Annual report, p134
31 Aug 2022 Dividends paid (cash flow statement) Dividends paid (11,243) MWK millions Annual report, p134

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Illovo Sugar Malawi Annual Report 2023

    Year ended 31 August 2023 · Annual report · signed / final

    Audit: Ernst & Young (Chartered Accountants (Malawi)), unmodified opinion · signed

    Auditor's sign-off: Ernst & Young, Chartered Accountants (Malawi); Chiwemi Chihana, Registered Practicing Accountant

    Final status: Independent auditor's report to the shareholders of Illovo Sugar (Malawi) Plc (unmodified opinion, PDF p94) closes with the script firm signature 'Ernst & Young' above 'Chartered Accountants (Malawi), Chiwemi Chihana, Registered Practicing Accountant, 29th November 2023' (PDF p99, render checked). The statements were approved by the board on 29 November 2023 and signed by J K Lipunga (Chairman) and L L Katandula (Managing Director) with handwritten signatures (PDF p93 and p129, renders checked).

    Document date
    29 Nov 2023
    Auditor's report
    29 Nov 2023
    Board approval
    29 Nov 2023
    Retrieved by us
    17 Oct 2026 (not a publication date)
    Used for
    statement columns FY to 31 Aug 2023, FY to 31 Aug 2022
    Basis
    consolidated statements · MWK millions (printed “K million”)
    • The statement of profit or loss prints revenue and then operating profit, with no cost of sales or gross profit (costs are analysed in note 3); dividend income and interest income are printed after operating profit (p127). The statement of financial position prints unlabelled subtotals for non-current assets, current assets, shareholders' equity, non-current liabilities and current liabilities, and no total-liabilities line (p128-p129). Earnings per share is printed in tambala (7 955; 2022: 3 733), basic and diluted.
    • The text layer extracts the printed 'fi'/'fl' ligature as U+6600 U+0600; labels with it are recorded as the text layer prints them (e.g. 'Operating pro昀؀t' for 'Operating profit').
    Technical details
    File
    196 pages, with a text layer
    SHA-256
    908727abc3197420d99347772224b301e6c1de7af78482e47437acbc66b5d04c
    Entity as printed
    Illovo Sugar (Malawi) plc (the Group) and Company (auditor's report, PDF p94)
    Issuer copy
    retrieved 2026-10-17T13:54:57Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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