…Remains committed to NBIPP
Given the uncertainties and various economic challenges, Dangote Sugar has announced that the payment of a final dividend of N15 billion be paid to its shareholders, representing N1.25 per ordinary share of 50 kobo each for the year ended December 31, 2017.
The company also said it remains committed towards the progressive actualisation of the company’s sugar for Nigeria Backward Integration Project plan (NBIPP) even as it has spent N121 billion on equipment, land acquisition, compensation to land owners, consultancy and related services.
Speaking during the company’s 2017 yearly general meeting in Lagos, Chairman of the company, Aliko Dangote said the company, amidst the harsh environment, forged stronger to achieve a group turnover of N202.42 billion, a 20.44 per cent increase over the comparative period in 2016, adding that the company’s profit before tax (PBT) grew by 173 per cent to N53.6 billion.
He further said that the savannah sugar remains the only company producing sugar from own grown sugarcanee in the country, with over N30 billion spent to date, adding that significant investment in replanting existing fields and increasing factory capacity has been made from its current 3000TCD to 6000TCD.
“The board remains committed to the medium and long term goals of the sugar for Nigeria project, despite challenges that surround. The cost efficiency project in Apapa refinery prior to and during the year under review will impact positively on the company’s performance in the years ahead”, Dangote said.
Corroborating, Acting Group Manging Director, Engineer Abdullahi Sule reiterated that the company will continue to leverage on its strength in order to maximize every opportunity to generate sales, increase the company’s market share and create sustainable value for all stakeholders.