Dangote Sugar Refinery Plc has declared a turnover of N276 billion for the financial year ended December 31, 2021, representing 29 percent increase over the N214 billion recorded in 2020 financial year.
The company’s Chairman, Mr. Aliko Dangote, who gave these figures at the company’s 16th Annual General Meeting (AGM) on Wednesday in Lagos, also reported that the company’s profit before tax (PBT) rose to N34.01 billion, while the profit after tax (PAT) stood at N22.052 billion.
The Africa’s foremost industrialist further reported to the shareholders that the Group’s Earnings before Interest, Taxes, Depreciation, and Amortisation (EBITDA) decreased to N48.5 billion with a margin of 18 percent, indicating a 35 percent drop compared to 27 percent (N58.03 billion) reported the same period in 2020.
According to him, the Group also proposed a dividend of N12.147 billion for shareholders for the year under review.
He stated that upon approval, the dividend would be paid to shareholders whose names are in the register of members as at June 1, net withholding tax at the standard rate.
Describing the company’s performance during the year under review as commendable amidst the challenges and the negative impact of the COVID-19 pandemic on economic activities, Dangote expressed hope that the turnover for the year 2022 would be improved upon given the strategies in place to re-energise the company’s distribution to serve its customers.
He said: “The goal of Dangote Sugar Backward Integration Master Plan remains the achievement of 1.5 million metric tonnes annually from locally grown sugarcane in support of the quest for sugar sufficiency in the country by the Federal Government of Nigeria.
“This will be achieved in addition to the extended value chain benefits that will be derived from the projects including thousands of jobs that will be generated in the sector from these projects.
“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.
“The board and management will continue to implement strategic actions to sustain and surpass this performance while engaging with all stakeholders in the sector and our communities to ensure the realization of the objectives of the company”, the industrialist added.
He advised the company’s shareholders who were yet to embrace the e-dividend payment option to do so to ensure prompt payment of their dividends.
At the AGM, the company’s Group Managing Director, Mr Ravindra Singhvi, reported that the company’s sales and production volume grew to 771,321 tonnes and 811,962 tonnes, indicating a 5 percent and 9 percent volume growth respectively when compared with the same period in 2020.
Singhvi further explained: “During the year under review, we continued with the pursuit of our goals to create long term value for all stakeholders ranging from our employees, customers communities, investors, shareholders, etc.
“Our strategy is to achieve sustainable growth over the long term with the efficient management of operations in spite of the challenges for increased shareholders value through sound and responsible business decisions that deliver steady growth in earnings and dividends.
“During the year under review, we improved our brand visibility with the introduction of our brand new product packaging, which enhanced our market position, supported with improved service delivery to our customers”, the GMD added.
Meanwhile, the company’s directors recommend for shareholders’ approval, a dividend of N1.00 for every ordinary share of 50 Kobo each for year ended December 31, 2021, which the shareholders endorsed.
Dangote Sugar Refinery Plc is one of the largest sugar refineries in Sub-Saharan Africa (SSA) with a 1.44 metric tonnes refining capacity. The company has a strategic backward integration master plan to produce 1.5 million metric tonnes of refined granulated sugar from locally grown sugarcane farms across various sites in the country
Photo Caption
L-R: Chairman, Dangote Sugar Refinery Plc, Aliko Dangote; Group Managing Director/CEO, Dangote Sugar Refinery Plc, Ravindra Singhvi; and Non-Executive Director, Dangote Sugar Refinery Plc, Olakunle Alake at the 16th Annual General Meeting of Dangote Sugar Refinery Plc held in Lagos on June 15, 2022
