Dangote Sugar Refinery Plc (DSR), a leading sugar production company in Nigeria, has announced plans to pay N18.22 billion as dividends to its shareholders for the year ended December 31, 2022. In addition to the dividend payout, DSR has set a target of producing over 170,000 tonnes of sugar in the upcoming season, marking a significant milestone in Nigeria’s sugar industry.
The Chairman of DSR, Aliko Dangote, made this announcement during the 17th Annual General Meeting of the company held in Lagos over the weekend. He expressed the shareholders’ satisfaction with the company’s performance and its commitment to reinvesting profits into the Backward Integration Programme (BIP) for the sugar industry in Nigeria.
“We are very happy with the way we have been running our shareholders’ company and also in re-investing the profit into the Backward Integration Programme (BIP) for the sugar industry. We are going to play our part in ensuring that Nigeria becomes self-sufficient in sugar within a very short period.
We are not the only players, but we will surely play our part. We should be able to produce over 170,000 tonnes which are by far, in the history of Nigeria, the highest to be produced locally,” said Dangote.
Dangote further highlighted the financial performance of the company, stating that DSR recorded an impressive turnover of N403 billion, representing a 46% increase compared to N276 billion recorded during the same period in the previous year. The company also posted a Profit before Tax (PBT) of N82 billion, showcasing its strong financial performance and growth prospects.
The success of Dangote Sugar can be attributed to the implementation of the Dangote Sugar Development Master Plan, which includes the rehabilitation and upgrade of the DSR’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.
Mrs. Adebisi Bakare, the Coordinator of the Pragmatic Shareholders Association, expressed the satisfaction of shareholders with the performance of DSR. The company’s commitment to the BIP for the sugar industry, strong financial performance, and strategic investments in sugar production projects have been well-received by shareholders, reflecting their confidence in the company’s growth prospects.