Dangote Sugar Plc has announced a profit after tax of N14.4 billion for the financial year ended December 31, 2016, representing an increase of 29.26 per cent.
This was disclosed by audited result issued by the company on Sunday and made available to the News Agency of Nigeria in Lagos.
The report indicated that the profit was against the N11 .14 billion reported in the corresponding period of 2015.
“The profit before tax stood at N19.61 billion compared with N16.16 billion achieved in the previous year, an increase of 21 per cent.
“The company’s revenue appreciated to N167. 72 billion against the N101.06 billion recorded in 2015, representing a growth of 68 per cent.
“Seasonal sugar production at Savannah 17,122 tonnes (2015: 6,610 tonnes) Full year refinery production at Apapa 791,800 tonnes (2015: 740,350 tonnes) Group sugar sales volume 778,518 tonnes (2015: 782,000 tonnes.’’
The report, however, stated that the board of directors recommended a dividend of 60k per share to all its shareholders in contrast with 50k paid in 2015.
Commenting on the development, Abdullahi Sule, the company’s acting Group Managing Director, attributed the performance to improved sales in spite of the current macro-economic challenges.
“We are very pleased with the results for the period under review, our revenue grew by 68 per cent and improve sales volume compared to 2015 despite the current macro-economic challenges,” Sule said.
He said that the company would leverage on its strengths to maximise every opportunity to generate sales, increase market shares and create sustainable value for its stakeholders.
Mr. Sule said that the company’s strategy was to become a global force in sugar production.
He said that company was working within Nigeria’s National Sugar Master Plan to end importation and sell more than 1.5 to 2.0 million metric tonnes of locally produced sugar in Nigeria and neighbouring countries.
“As part of this plan we acquired Savannah Sugar in December 2012 and are currently improving its farm acreage and upgrading its production facilities.
“We intend to augment Savannah’s 32,000 hectares in Adamawa State by acquiring and planting a further 150,000 hectares across Nigeria,” he said.