The Chairman of Dangote Sugar Refinery Plc, Aliko Dangote has expressed his commitment to the Federal Government’s sugar backward integration Policy.
Mr. Dangote, while speaking at the 16th Annual General Meeting of Dangote Sugar Plc, in Lagos on Wednesday, said it was the best thing that happened to the sector.
He further said despite the harsh operating climate, the board and management were not discouraged in the quest for sustainable growth for the company and demonstrated stability by continuing to implement its strategic objectives during the 2021 financial year.
At the meeting, a dividend of N12.147bn for the year which represents N1 per share was approved by the shareholders.
It also recorded a group turnover of N276bn, which is a 29% increase over N214bn in the relative year. Recorded profit before tax is N34.02bn and profit after tax is N22.05bn. Group EBITDA diminished to N46.5bn with an EBITDA margin of 18%.
According to the Chairman of the company, the performance so far is commendable despite the negative impact of the pandemic on the economy.
He stated that the board and management will continue to implement strategic steps to sustain and uplift their performance as they engage with all stakeholders in the sector and communities.
Dangote further expresses that the goal of the Dangote Sugar Backward Integration Projects Master plan remained 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.
He added that it will be achieved in addition to the extended value chain benefits that would be derived from the projects including thousands of jobs that would be generated in the sector from these projects.
