Dangote Sugar Refinery Plc (DSR) would distribute N18.22 billion in dividends to shareholders for the fiscal year that concluded on December 31, 2022, notwithstanding the challenging economic climate that year.
Next season, the business plans to produce more than 170,000 tonnes of sugar. The dividend payment per share owned by shareholders would be N1.50 kobo.
Aliko Dangote, the business’s chairman, commented on the results by saying, “The shareholders are quite delighted with the way we have been managing their company and also in re-investing the profit into the Backward Integration Programme (BIP) for the sugar industry. We are going to do our part to make sure that Nigeria quickly achieves sugar self-sufficiency. Even though we are not the only players, we will undoubtedly contribute. We should be able to produce more than 170,000 tonnes, which would be the greatest amount ever produced locally in Nigerian history.”
The company reported a profit before tax (PBT) of N82 billion and a turnover of N403 billion, a 46% increase over the N276 billion achieved during the same time the previous year.
Dangote attributed the company’s success to the management team’s pragmatism in focusing on ongoing cost and process optimization, increased operational efficiencies, and customer service delivery.
With the assistance of all stakeholders and strict commitment to the principles of the Federal Government’s Sugar Master Plan, Dangote promised that the management will continue to carry out strategic initiatives to maintain performance.
Dangote stated that part of Dangote Sugar’s success was made possible by the management’s continued implementation of the Dangote Sugar Development Master Plan, which included the rehabilitation and upgrade of the Dangote Sugar Refinery’s Numan operations, facilities, and land development, as well as the development of the Nasarawa Sugar Company Limited, the greenfield sugar project, and Tunga in Nasarawa State.
Dangote further stated that “the Sugar Master Plan’s first phase of execution concluded during the year under review and that the Federal Government has approved the second phase, which will take place over the following ten years.”
In addition, he said, “This extension came as a result of the National Sugar Development Council and other government parastatals reviewing the first phase of the program, taking into account the difficulties and numerous unanticipated circumstances that plagued the first phase of the program.”
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