Dangote Sugar Refinery to pay N4.8bn Dividend

Dangote Sugar refinery plc recorded improved bottomline for the year 2014, despite the challenging operating environment. The audited results of the company released last Friday showed a profit after tax of N11.6 billion, up from N10.8 billion. Based on the performance, the directors have recommended dividend of N4.8 billion, which translates into 40 kobo per share.

The company ended the year with gross revenues of N94.9 billion, as against N103.2 billion in 2013. It reduced its operating expenses by 29 percent from N 12.1 billion to N8.6 billion, while other income improved from N3.9 billion to N5.4 billion. Profit after tax settled at N11.6 billion, up from N10.8 billion in 2013.

During 2014, the primary focus of Dangote Sugar was to enhance its operational efficiency, focus on growth plans, increase sugar production, and to continue to provide for the needs and requirements of its customers, employees and stakeholders generally.

“Our performance in 2014 was impacted by operational challenges including disruptions to the supply of natural gas (our primary energy source) to the, Apapa Refinery, currency depreciation and the challenges of the security situation in North-Eastern Nigeria,” the company said.

According to the company, its targets include: to help Nigeria towards self-sufficiency in sugar production by moving from importation and refining to creating new plantations with their own refining facilities, close to major centres of demand, with a target to produce 1.5 million tons of refined sugar by 2024 across more than 150,000 hectares of newly planted land; to provide economic benefits to local communities by way of direct and indirect employment, and to set a good example in areas such as governance, sustainability, health and safety.

Dangote Sugar has successfully obtained the Food Safety Management Systems (FSMS) certification (NIS ISO 22000:2005); by the Standards Organisation of Nigeria (SON).

“It is a standard that guides our core business, the refining of high quality sugar using safe practices to manufacture our finished product using hygienically habits in our production processes. The FSMS certification is the third in the series of ISO certification on Quality, Process Safety/Security and Food Safety, achieved by Dangote Sugar Refinery plc, and thus making it the only sugar organisation in the country with three ISO certifications,” the company said.

In addition to FSMS ISO 22000:2005, DSR is also ISO 9001:2008 Quality Management System (QMS), and ISO 18001:2007 Occupational Health and Safety Management System certified.

“These certifications attest to DSR plc relentless efforts at achieving its set goal to be one of the world’s leading integrated sugar producers, with high quality products and using best practices in the day-to-day running of its operations, in line with internationally accepted standards,” it said.