Dangote Sugar Refinery Plc has restated its commitment to the achievement of Sugar Backward Integration Projects, describing it as the best thing that happened to the sector.
Speaking to shareholders at the 16th Annual General Meeting (AGM) of Dangote Sugar Plc, in Lagos the Chairman of the Company, Aliko Dangote, said despite the harsh operating environment, the board and management were not deterred in the pursuit of sustainable growth for the company and demonstrated resilience by continued implementation of its strategic objectives during the year, 2021.
The dividend pay-out of N12.147 billion for the year was unanimously approved by the shareholders. The dividend represents N1.00 per share.
The Company under review posted a Group turnover of N276 billion, being 29 percent increase over N214 billion in the comparative year. Profit before tax of N34.021 billion, profit after tax of N22.052 billion. Group EBITDA decreased to N46.5 billion with an EBITDA margin of 18 percent.
According to Dangote, the Company’s performance during the year under review is commendable amidst the challenges and the negative impact of COVID-19 pandemic on economic activities. “We furthered the implementation of process optimisation, cost savings, and product promotion strategies with the launch of our new brand identity and the pursuit of the Dangote Sugar Backward integration master plan”
He further stated that the Board and Management will continue to implement strategic actions to sustain and surpass this performance while engaging with all stakeholders in the sector and its communities to ensure the realisation of the objectives of the Company.
On the company’s backward integration project, Dangote chairman emphasised that the goal of Dangote Sugar Backward Integration Projects Master plan remains the achievement of 1.5 million MT annually from locally grown sugar cane in support of the quest for sugar sufficiency in the country by the federal government.
Also, the Group Managing Director/Chief Executive Officer of Dangote Sugar, Mr. Ravindra Singhvi, said, “We remained ahead of the pack in implementation of the National Sugar backward Integration Development Master Plan.”