Read Time:1 Minute, 57 Second
Shareholders of Dangote Sugar Refinery Plc (DSR) will begin to receive their dividend for the 2013 financial year as from today. This follows the approval of the dividend by the shareholders at the 8th Annual General Meeting (AGM) held in Lagos last Friday.
The directors had recommended a dividend of N7.2 billion for the year, which translated into 60 kobo per share. The shareholders commended the board and management for the improved performance for the 2013 financial year.
DSR recorded a turnover of N102.467 billion in 2013 as against N106.868 billion in 2012. However, profit before tax rose from N16.331 billion in 2012 to N20.099 billion in 2013, while profit after tax grew from N10.796 billion to N13.537 billion.
In his address, Chairman of the DSR, Alhaji Aliko Dangote, said the 2013 financial year was impacted by variable market conditions, ranging from volatile world market sugar prices to consumer sensitivity.
“I am happy to report, however, that by adapting to the needs of our customers , we sustained our leadership position in the market and grew our profits during the period under review,” he said.
He disclosed that pursuant to the introduction of the federal government's National Sugar Master Plan, DSR has begun its own development plan.
“This plan is targeted at the production by your company of 1.5 million to 2.0 million tonnes of sugar per annum from locally grown sugar cane within the next five to 10 years. This will further consolidate our position as the largest sugar producer in West African region,” he said.
Speaking in the same vein, the Group Managing Director of DSR, Mr. Graham Clark said the company has restructured its sugar operations with greater focus on backward integration project.
According to him, the targeted selection and acquisition of some 200,000 hectares of land across various states in Nigeria for the development of sugar cane plantations and construction of modern sugar processing factories have begun.
“Our targets are clear and a robust framework supported by key performance deliverables will enable us to deliver the expected results in the next five to 10 years with enhanced benefits to all our stakeholders,” he said.