Dangote Sugar Refinery Plc (DSR) announced plans to pay a dividend of N18.22 billion to shareholders. This will be during the financial year ending 31 December 2022. DSR aims to produce over 170,000 tonnes of sugar in the next season. The dividend declared is equivalent to N1.50 Kobo per share held by shareholders.
The Chairman of Dangote Groups and Dangote Sugar, Aliko Dangote, made the announcement at the company’s 17th Annual General Meeting of Shareholders in Lagos over the weekend.
“The shareholders are very happy with the way we have been running their company and also in re-investing the profit into the Backward Integration Programme (BIP) for the sugar industry. We are going to play our part in ensuring that Nigeria becomes self-sufficient in sugar within a very short period. We are not the only players but will surely play our part. As a result, we should be able to produce over 170,000 tonnes which are by far, in the history of Nigeria, the highest to be produced locally,” he said.
Dangote added that the company had an impressive turnover of N403 billion. This was a 46 percent increase over the N276 billion recorded in the previous year. The company also posted a Profit before Tax (PBT) of N82 billion.
Dangote thanked the management for implementing the Dangote Sugar Development Master Plan. The plan has led to rehabilitating and upgrading Numan operations, facilities, and land development at the Dangote Sugar Refinery. They’ve also developed the Nasarawa Sugar Company Limited, a greenfield sugar project, and Tunga in Nasarawa State. Part of the success recorded by Dangote Sugar can be attributed to these projects.
The Coordinator of the Pragmatic Shareholders Association, Mrs. Adebisi Bakare, expressed the shareholders’ satisfaction with the company’s performance.
cc: Daily Trust Ng
