Dangote Sugar Refinery Shareholders Ratify N6billion Dividend For 2015

Shareholders of Dangote Sugar refinery, DSR, Plc, have approved the recommended N6 billion dividend for the year ended December 31, 2015.

The Chairman of the company,Aliko Dangote said the company remains committed to delivering superior returns to its shareholders and this informed the recommendation of the dividend.

Speaking at the 10th annual general meeting (AGM) in Lagos, on Wednesday, April 20 Dangote said 2015 was a very challenging year as the political transition and economic slowdown impacted consumer spending and the global oversupply of crude oil weakened the naira, leaving an average Nigerian consumer with less purchasing power than in the past three to four years.

“In spite of this, we achieved a group turnover of N101 billion in 2015, seven per cent higher than the turnover of N95 billion in 2014. Profit before tax (PBT) stood at N16 billion and Profit after tax at N15 billion. Our earnings before interest tax depreciation and armortisation (EBITDA) rose to N21 billion compared to N18 billion in the previous year,” he said.

According to him, the board therefore, recommended a total of dividend of N6 billion, representing 48 per cent of the profit after tax.

“This translates to a dividend of 50 kobo per share for every ordinary share each held in the company. The board will continue on this prudent course of action in view of our investment requirement for the backward integration project (BIP) and building of a sustainable financial future for the company,” Dangote said.

The shareholders lauded the company and approved the dividend. The chairman, Progressive Shareholders Association of Nigeria (PSAN) Boniface Okezie described the management of the company as having foresight and making giant strides in back integration.

According to him, DSR has remained the foremost sugar refinery in Nigeria and continued to add value to shareholders.