Dangote Sugar Refinery Shareholders Approve N18.22bn Dividend
The shareholders of Dangote Sugar refinery during the weekend approved the N18.22billion dividend payout for financial year ended December 31, 2022.
The shareholders at the 17th Annual General Meeting (AGM) approved the payment of N18.22billion dividend, being N0.50 kobo for every ordinary share of 50kobo each and the company’s performance in the year under review.
The President of the Association for the Advancement of the Rights of Shareholders, Dr. Umar Faruk said the 50 per cent increase in dividend payout is commendable despite challenges in the domestic and foreign markets.
The Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu said shareholders look forward to 100 per cent increase in dividend payout by 2023 financial year.
“We are investors and we must ask for more,” he echoed.
Despite the challenging operating environment in 2022, the company recorded a group turnover of N403billion in 2022, an increase of 46 per cent over N276billion recorded in 2021. Profit before tax stood at N82billion as profit after tax closed 2022 at N55billion.
The Chairman, Dangote Sugar Refinery, Aliko Dangote speaking to shareholders at the AGM said the 2022 performance was achieved following the pragmatic approach management adopted during the year under review.
According to him, “Focus was on continued cost and process optimization, improved efficiencies in every area of our operations and service delivery to our customers.
The board and management will continue to implement strategic actions to sustain the performance with the support of all stakeholders.”
On the future, he said, “the challenges ahead are daunting no doubt but our experience of the past few years have strengthened our resolve to succeed and taught us that with our strategies and focus, we will not only maximize every opportunity but will sustain our performance and deliver on our business goals and objectives.”
The group managing director/CEO, Dangote Sugar Refinery, Ravindra Singhvi, said the Group performance for the year 2022 was impacted by the contracted economic activities that impacted businesses during the year under review, occasioned by the extended impact of COVID-19 pandemic on the global economy.
“To achieve this performance, we continued to implementation of strategic actions towards our committeemen to improve our performance and general value for all stakeholders.”
He noted that the Group opened 2023 with the uncertainties and continued impact of the global economic situation, and the peculiar challenges of an election year locally.
He said that the company remained optimistic that the effects would be worth the sacrifice.
“We will continue to build on our strengths and successes to ensure that our performance is sustained and surpassed, despite these challenges.
“We will continue to position our brand strategically, optimise our processes and cost efficiency and implementation of our strategic initiatives- the Sugar for Nigeria Backward Integration Project Master Plan. This is been pursued with rigour, and realisation of the targets will ensure the growth of Dangote sugar into ain integrated sugar production business and a sustainable future for the business.”
