The shareholders of Dangote Sugar refinery Plc gave their consent for an N18.22 billion dividend payout to be distributed for the year ending December 31, 2022.
At the 17th Annual General Meeting (AGM) in Lagos, the shareholders gave their agreement, resulting in a dividend of N1.50 per share.
The company has set a goal of producing more than 170,000 tonnes of sugar for the upcoming season.
At the shareholder meeting, Aliko Dangote reported that everyone was pleased with the company’s performance and the way they’ve been directing profits towards their Backward Integration Programme (BIP) for the sugar industry.
”We are going to do our bit to make sure Nigeria is able to rely on its own sugar supply in no time. We’re not the only ones involved, but we’re going to do our part. We should be able to produce more than 170,000 tonnes, which would be the most ever produced in Nigeria.”
The company did really well, seeing an awesome 46% jump in turnover from N276 billion to N403 billion compared to the same time period the year before. Plus, they made a Profit before Tax (PBT) of N82 billion.
Dangote credited the company’s great success to the practical approach that the management took by emphasizing ongoing cost and process optimization, enhanced efficiency in all areas of operations, and delivering services to their clients.
He promised that the leadership will keep taking steps to maintain the progress, with the help of everyone involved, and following the standards laid out in the government’s Sugar Master Plan.
Dangote noted that their success was due to their Sugar Development Master Plan which included rehabilitating their Numan operations, facilities and land, plus the development of the Nasarawa Sugar Company Limited and Tunga in Nasarawa State.
Dangote said the first phase of the Sugar Master Plan finished up in the past year, and the government gave the okay for the second phase to last for the following 10 years. He mentioned that this was due to the assessment of the first phase done by the National Sugar Development Council, and other government organizations, considering the challenges and unexpected issues that occurred.
Mrs. Adebisi Bakare, the coordinator of the Pragmatic Shareholders Association, spoke on behalf of shareholders and said they were happy with the company’s performance. Even with the difficulties in the sugar industry, the company managed to do better than last year.
She encouraged the board and management to keep up the good work that got the company to where it is today and made sure they knew that the shareholders were all behind them in achieving even better results in the future.