Don't Miss


Home   >   Business   >   Industries   >   Dangote Sugar grows turnover by N6bn

Dangote Sugar grows turnover by N6bn

By on April 26, 2016

Dangote Sugar Refinery Plc has recorded a group turnover of N101bn in 2015, a seven per cent increase over the turnover of N95bn in 2014.

Its profit before tax stood at N16bn and profit after tax at N15bn, while earnings before interest, tax, depreciation and armortisation rose to N21bn compared to N18bn in the previous year.

The Chairman of the group, Alhaji Aliko Dangote, at the 10th Annual General Meeting of the company in Lagos, said the company remained committed to delivering  superior returns to its shareholders.

This commitment, he said, informed the recommendation of N6bn dividend for the year ended December 31, 2015.

He 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.

The N6bn recommended by the Board of Director represented 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 and building of a sustainable financial future for the company,” Dangote said.

The shareholders commended the company and approved the dividend.

The Chairman, Progressive Shareholders Association of Nigeria, Boniface Okezie, described the management of the company as having foresight and making giant strides in backward integration. According to him, the DSR has remained the foremost sugar refinery in Nigeria.

 

[Punch]