Dangote Sugar Refinery Plc on Wednesday announced Group turnover of N276 billion for the 2021 financial year, being 29 per cent increase over N214 billion in the comparative year, profit before tax of N34.021 billion and profit after tax of N22.052 billion.
The Group EBITDA decreased to N46.5 billion with an EBITDA margin of 18 per cent.
Shareholders of the company unanimously agreed on the dividend pay-out of N12.147 billion for the year which represents N1.00 per share at the company’s 16th annual general meeting in Lagos.
Speaking at the meeting, chairman of the company, Aliko Dangote, said that despite the harsh operating environment, the board and management were not deterred in the pursuit of sustainable growth for the company and demonstrated resilience by continued implementation of its strategic objectives during the year, 2021.
According to Dangote, the company’s performance during the year under review is commendable amid the challenges and the negative impact of COVID-19 pandemic on economic activities. “We furthered the implementation of process optimisation, cost savings, and product promotion strategies with the launch of our new brand identity and the pursuit of the Dangote Sugar backward integration master plan,” he said.
On the company’s backward integration project, Dangote emphasised that the goal of Dangote Sugar backward integration projects master plan remains the achievement of 1.5 million MT annually from locally grown sugar cane in support of the quest for sugar sufficiency in the country by the federal government.
Also, the group managing director/chief executive officer of Dangote Sugar Ravindra Singhvi said the company remains ahead of the pack in the implementation of the master plan.
He however said that the situation at the Lau/Tau project is still the same. “We continue to remain hopeful that the Taraba State government will resolve the lingering issues with the communities, while we focus on the development of other brown and green field project sites…Steady progress is now being made as we continue the rehabilitation and expansion project at Dangote Sugar, Numan, and development activities at the Nasarawa Sugar Company Limited, Tungam,” Singhvi said.
The shareholders commended the company’s performance for the year under review. A shareholder, Bisi Bakare, praised the company for the food fortification award received for the year under review and the bountiful dividend paid.
