Dangote Sugar Refinery Plc (DSR) has announced its plans to pay N18.22 billion as dividends to its shareholders for the year ended December 31, 2022.
This is despite the economic headwinds that the country experienced during the year under review.
According to the Chairman of the Company, Aliko Dangote, the shareholders are pleased with the way the company has been run and with the re-investment of profits into the Backward Integration Programme (BIP) for the sugar industry.
Dangote Sugar Refinery is committed to ensuring that Nigeria becomes self-sufficient in sugar within a very short period. The company has set a target to produce over 170,000 tonnes of sugar next season.
Dangote noted that the company’s remarkable performance was due to the pragmatic approach that the management deployed by focusing on continued cost and process optimization, improved efficiencies in every area of operations, and service delivery to their customers.
The company recorded a turnover of N403 billion, which is a 46 per cent increase over the previous year, and posted a Profit before Tax (PBT) of N82 billion.
Dangote attributed the company’s success to the continued implementation of the Dangote Sugar Development Master Plan, which includes 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.
The first phase of the Sugar Master Plan implementation period came to an end during the year under review, and the Federal Government approved the second phase over the next 10 years.
Dangote stated that the board and management were focused on achieving the goals of the strategic initiative, and considerable progress was made in project development despite the numerous challenges faced.
In her remarks, the Coordinator of the Pragmatic Shareholders Association, Mrs. Adebisi Bakare expressed her satisfaction with the performance of the company.
She urged the board and management to continue in the direction they have taken to get the company to the current winning, assuring that the management has the support of the shareholders to post even better performance in the coming years.
Dangote promised that the management would continue to create sustainable value for all stakeholders through an inclusive approach to growth and development, with continuous engagement with all parties.
The company aims to make a positive impact, support poverty eradication and food security, infrastructure development, empowerment for members of the immediate communities, and the society at large.
