News Column

Shareholders Hail Dangote Sugar Refinery Board

May 26, 2014

Shareholders of Dangote Sugar Refinery Plc have lauded the board and management of the company for the impressive performance recorded in the year 2013.

They commended the company's management for the dividend of N7.2 billion recommended for the year.

Speaking at the 8th Annual General Meeting of the company last Friday in Lagos, the shareholders said various strategies put in place by the board and management made the company to overcome the challenges of the operating environment and deliver improved services. Some of the shareholders who spoke at the meeting included Mr. Nonah Awoh, Chief Sola Abodurin of Ibadan Zone Shareholders Association, and Mrs. Bisi Bakare of Pragmatic Shareholders Association of Nigeria.

Dangote Sugar 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.

The directors recommended a dividend of N7.2 billion, which translated into 60 kobo per share. The shareholders unanimously approved the dividend.

Addressing the shareholders, Chairman of the Dangote Sugar, 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.

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Source: AllAfrica

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